Supervisors from the Federal Reserve and the Office of the Comptroller of the Currency began contacting banks about unusual activity or service disruptions after the $6.3 billion theft from Binance. Hackers drained between $6.3 billion and $6.4 billion from the exchange’s online wallets in 20 to 30 minutes, mainly through Ethereum, and the FBI attributed the attack to TraderTraitor, a North Korean unit within the Lazarus Group. Binance suspended withdrawals, earmarked more than $6.34 billion in reserves and said it had recovered 90% to 95% of the stolen assets through repurchases and freezes by Tether and Circle, which blocked about $1.57 billion in USDT and more than $800 million in USDC. Withdrawals resumed on November 1, while the CFTC is pushing for stronger oversight of offshore cryptocurrency exchanges. The outreach to banks is intended to determine whether the hack disrupted payment flows, custody services or the behavior of clients connected to Binance.
Source: Read the original article
