The United States has blamed North Korea for a $6.3 billion cryptocurrency theft from Binance, the world’s largest crypto exchange. The Federal Bureau of Investigation (FBI) identified a North Korean state-backed hacking group known as TraderTraitor.
The attack, which occurred on October 29, is considered the largest cryptocurrency theft in history. The same group was also linked to last year’s $1.5 billion theft from Bybit.
FBI Warns of Further Money Laundering
In a cyber alert issued on Saturday, the FBI confirmed North Korea’s responsibility for the Binance breach. Investigators said the hackers converted the stolen assets primarily into Ethereum.
Moreover, authorities expect the group to move the funds through decentralised finance (DeFi) platforms and instant cryptocurrency exchange services. The FBI, US Secret Service and IRS Criminal Investigation division urged crypto businesses to block transactions linked to identified wallet addresses.
The stolen funds reportedly moved across several blockchains within minutes. Binance co-CEO Richard Teng described the incident as a complex attack involving a compromised laptop and malicious software.
Blockchain analytics firms had also connected the operation to TraderTraitor before the FBI announcement. Meanwhile, investigators estimated that approximately $2.8 billion of the stolen assets had been frozen.
Binance Promises Full Customer Reimbursement
Binance has assured customers that they will not suffer financial losses from the incident. The exchange said it had already replenished around 90% of the stolen assets using its own funds.
The company also pledged to cover the remaining 10%, which consists of less liquid tokens. To address the shortfall, Binance set aside approximately $6.34 billion through its insurance funds and corporate treasury.
Withdrawals were temporarily suspended following the attack. However, the exchange said services were expected to resume on Sunday after final security checks.
North Korean hackers have faced previous accusations involving major cryptocurrency thefts. These include the Bybit breach and a $620 million cryptocurrency theft in 2022.
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