Binance hack: Pyongyang rejects international sanctions

Pyongyang rejects international pressure. North Korea says sanctions will not make the country back down on its nuclear program. This October 31 statement comes two days after the Binance hack, valued at around $6.3 billion and attributed to North Korea by the FBI. However, it does not contain any claim of the attack.

North Korea says sanctions 'will never work'

According to Yonhap, a spokesperson for the North Korean Ministry of Foreign Affairs denounced, in a statement broadcast by the official KCNA agency, a “strategic failure” by the United States and its partners. He says sanctions and pressure “will not change the country’s nuclear status.”

Pyongyang responds to a joint statement from eleven countries and the European Union, which reaffirm their support for international sanctions. The signatories target in particular malicious cyber activities, the employment of North Korean workers abroad and military cooperation with Russia, which they present as sources of financing for arms programs.

Binance hack brings Pyongyang’s cyber activities to the forefront

This position comes as investigators are tracking funds stolen during the Binance hack on October 29. In a notice published on October 31, the FBI officially attributed the theft to North Korea and referred to the activity as TraderTraitor. The agency mentions more than 6 billion dollars embezzled.

The FBI says it has observed conversions of stolen funds into ether and calls on industry players to block transactions linked to the identified addresses. Binance, for its part, claims to cover the losses and began to restore withdrawals in phases on Sunday.