The US Federal Bureau of Investigation has accused North Korean hackers of stealing more than US$6 billion from the cryptocurrency exchange Binance, in what is believed to be the largest crypto heist on record, according to a Malay Mail report published on November 1.
Market reaction
AFP reported on Monday that Friday's retreat in cryptocurrencies was triggered by the world's biggest crypto exchange suffering the sector's largest hack, with more than US$6 billion (about RM24.4 billion) stolen. Bitcoin and other digital currencies were steadier on Monday after that drop. Separately, Business Today Malaysia reported that Bitcoin slid 4.7 percent and Ethereum shed 5.9 percent over the week of October 26 to 30, as renewed concerns over US monetary policy, technology valuations and a reported security incident weighed on the market.
Why it matters
A theft of this size is far bigger than previous crypto hacks, and it highlights how exchanges that hold large pools of customer assets remain attractive targets for state-linked attackers. The FBI's attribution to North Korea would also fit a pattern of allegations that the country uses cyber theft to raise funds, although such claims are typically disputed by Pyongyang. The details released so far do not spell out how the funds were taken or whether customers will be compensated, so readers should look for official statements from Binance and regulators.
What users can do
Crypto holders should use strong, unique passwords and two-factor authentication, be wary of phishing messages that exploit the news, and consider how much of their holdings they keep on any single exchange.
Sources: Malay Mail - FBI blames North Korea for record US$6b cryptocurrency heist | Malay Mail (AFP) - Markets report mentioning the hack | Business Today Malaysia
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