Cryptocurrency theft is estimated to generate half of the country’s foreign currency income

North Korea plays by its own rules. The isolated, secretive and autocratic country is largely cut off from the world’s economic system – but when it comes to generating foreign earnings it relies on some of the world’s most sophisticated hacking.

Experts, such as TRM Labs, quickly attributed the extraordinary $6.3bn (£4.7bn) Binance cryptocurrency theft to TraderTraitor, an elite North Korean hacking unit that has also been known as the Lazarus Group. Though the link may not be proven yet, the pattern of behaviour is familiar.

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© Photograph: AP

© Photograph: AP

© Photograph: AP

Hackers working for North Korea are suspected of hacking a Binance employee's laptop, which allowed the theft of billions in crypto.

Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far

• Q&A: How big a deal is the $6.3bn crypto heist?

• Tell us: have you been affected by the Binance hack?

• Business live – latest updates

The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.

Binance said it would cover all customer losses as it froze $3bn of the affected assets.

Continue reading...

© Photograph: Darrin Zammit Lupi/Reuters

© Photograph: Darrin Zammit Lupi/Reuters

© Photograph: Darrin Zammit Lupi/Reuters

Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far

• Q&A: How big a deal is the $6.3bn crypto heist?

• Tell us: have you been affected by the Binance hack?

• Business live – latest updates

The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.

Binance said it would cover all customer losses as it froze $3bn of the affected assets.

Continue reading...

© Photograph: Darrin Zammit Lupi/Reuters

© Photograph: Darrin Zammit Lupi/Reuters

© Photograph: Darrin Zammit Lupi/Reuters

A row over a landmine blast and a threat to resume loudspeaker broadcasts has highlighted Kim Jong-un’s military ambitions

Last week North Korea hit the headlines with a vow to fire up its loudspeaker systems to blare propaganda into the South, but the latest dispute comes against a backdrop of militarisation of the border by Kim Jong-un that has been years in the making.

Since April 2024, North Korea has been working on building a permanent fortified border through the demilitarised zone (DMZ) that divides the two sides, work that has led to a mine explosion that injured three South Korean soldiers and plunged ties to new lows.

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© Photograph: Kim Hong-Ji/Reuters

© Photograph: Kim Hong-Ji/Reuters

© Photograph: Kim Hong-Ji/Reuters

Kim's visit to China is his latest move in an increasingly assertive foreign policy as he seeks to align Pyongyang with Beijing and Moscow in a united front against the United States under what he portrays as a "new Cold War." It's his first visit in a year.

Earlier this month, South Korea blamed North Korea-planted mines for the Sept. 21 blasts at the border, urging the North to apologize and remove other mines.