More than $6 billion stolen: FBI blames North Korea for Binance heist, believed biggest cryptocurrency theft in history
FBI names suspected actors
The FBI said Saturday that North Korea was responsible for the theft of more than $6 billion in assets from Binance. The agency described the incident as malicious cyber activity linked to a group known as TraderTraitor.
The FBI has also associated TraderTraitor with last year's $1.5 billion Bybit hack. The theft from Binance reportedly unfolded within minutes and is believed to be the largest cryptocurrency heist in history.
Stolen assets and market response
The assets taken included bitcoin, ethereum and stablecoins, including tether and USD Coin, whose prices are tied to traditional currencies. News of the attack sent most major cryptocurrency prices lower on Friday.
Binance resumed withdrawals on Sunday, saying it would restore access in stages. The first stage covered 15 cryptocurrencies, including bitcoin, ether, XRP and dogecoin.
FBI warns about laundering
The FBI said TraderTraitor actors were converting the stolen assets mainly into ethereum. It warned that the funds could next move through decentralized finance and instant-swap services as part of further laundering.
The agency asked cryptocurrency exchanges, blockchain analytics firms and others to block transactions connected to specified addresses. The request aims to prevent the money from being laundered to hide its origins.
Binance pledges reimbursement
Binance, the world's largest cryptocurrency exchange by daily trading volume, said Saturday it was using more than $6.34 billion in company funds to buy tokens. The company said this would replenish about 90% of the assets taken.
The remaining 10% involved less-liquid tokens that could take longer to repurchase, Binance said. The exchange stated on X that it would cover the full financial impact of the theft. The incident comes amid concerns that increasingly capable artificial intelligence models could weaken cryptography and IT security protocols.
Key points
- The FBI attributed the theft of more than $6 billion from Binance to North Korea.
- The agency linked the activity to TraderTraitor, also associated with last year's $1.5 billion Bybit hack.
- Binance said it was using more than $6.34 billion to replenish about 90% of the stolen assets.
- The FBI urged exchanges and other firms to block transactions tied to specified addresses.