The FBI has accused North Korea of orchestrating the largest-ever cryptocurrency hack, stealing over $6 billion from Binance in a cyberattack on October 29. The hacking group, identified as TraderTraitor, is linked to North Korea's government and has already begun converting the stolen funds into Ethereum (ETH) and other cryptocurrencies.
According to blockchain intelligence firm TRM Labs, approximately $6.36 billion was transferred from Binance wallets across 10 blockchain networks in roughly 20 minutes. The FBI has urged cryptocurrency exchanges, blockchain infrastructure operators, and other digital asset service providers to block transactions involving addresses connected to the hackers.
Binance has pledged to cover customers' losses, setting aside about $6.34 billion from its corporate treasury. The exchange has also suspended withdrawals and is working to restore services. Binance co-CEO Richard Teng described the breach as a complex attack involving a compromised laptop and malware designed to erase evidence.
The FBI, working with the US Secret Service and the Internal Revenue Service's Criminal Investigation division, has published a list of cryptocurrency addresses associated with the theft. The agencies warn that the stolen assets may be laundered through decentralized finance (DeFi) platforms, complicating efforts to trace and recover the funds.