North Korea Blamed for Record $6.3 Billion Binance Crypto Heist
In what authorities are calling the largest cryptocurrency theft in history, the FBI has officially linked North Korea to a brazen hack of Binance, the world’s largest crypto exchange. The breach resulted in the loss of $6.3 billion in digital assets.
The FBI identified the attackers as TraderTraitor—the same elite North Korean military hacking unit responsible for a $1.5 billion Bybit breach last year. According to the bureau, the hackers moved most of the stolen funds within just 20 minutes, apparently to prevent the assets from being frozen.
The attackers then began converting the funds primarily into Ethereum, using decentralized finance (DeFi) platforms and instant swap services to launder the proceeds.
Binance temporarily suspended customer withdrawals after the breach, then moved swiftly to contain the fallout. The exchange said it had covered approximately 90% of the stolen amount with company funds to purchase replacement tokens and assured users that their personal holdings remained safe. Withdrawals reopened on Sunday.
The FBI has urged virtual asset service providers and blockchain analytics companies worldwide to block transactions linked to a list of suspected digital wallet addresses. Crypto markets briefly turned volatile following the news, though prices partially stabilized after Binance’s reassurances.
The incident has renewed calls for tighter security standards across major crypto exchanges and intensified scrutiny of North Korea’s state-sponsored cyber program, which experts say helps fund the regime’s nuclear ambitions.
Source: Al Jazeera – FBI blames North Korea for record $6.3bn crypto heist from Binance