A 6.3 billion crypto heist: FBI says north Korea behind biggest Binance hack in history
FBI names suspected hackers
The FBI said Saturday that this week’s attack on Binance was connected to TraderTraitor, an entity it associated with North Korean hackers. The bureau also linked the group to last year’s $1.5 billion Bybit hack.
The FBI asked cryptocurrency exchanges, blockchain analytics firms and others to block transactions connected to specified addresses. It said the action was intended to prevent the stolen funds from being laundered and their origins concealed.
Funds may move through services
The bureau’s investigation found that TraderTraitor was converting the stolen assets mainly into ethereum. It expects the group may use decentralized finance, or DeFi, and instant swap services to convert the funds further.
Crypto expert Ari Redbord said the hackers could divide the assets and route them through smaller exchanges to avoid detection. He said that process might take months. Redbord, the chief policy officer at blockchain intelligence firm TRM Labs, said investigators can track funds in real time and use that work to build cases, disrupt laundering and recover money.
Trump questions North Korea link
President Donald Trump addressed the case Saturday night while appearing at a Halloween party at his Mar-a-Lago estate in Florida. He said investigators were still learning about it and that they did not know whether North Korea was responsible.
Trump added that North Korea’s involvement could still be established. His remarks differed from the FBI’s statement identifying North Korean hackers as responsible.
Binance promises reimbursement
The theft took place Thursday, when $6.3 billion in bitcoin and other digital currency was taken from Binance, the world’s largest cryptocurrency exchange. Several crypto experts said the incident bore signs of a North Korean hack.
Binance said Saturday it had enough of the same digital currency set aside to cover 90% of the missing assets. The company promised to reimburse customers fully.
Key points
- The FBI tied the $6.3 billion Binance theft to North Korean hackers known as TraderTraitor.
- The bureau urged exchanges and analytics firms to block transactions linked to specified addresses.
- Trump said investigators did not yet know whether North Korea was involved.
- Binance said it could cover 90% of the missing assets and promised full customer reimbursement.