The FBI has accused North Korean hackers of orchestrating the largest crypto heist in history, stealing $6.3 billion from Binance in a matter of minutes. The bureau linked the attack to a group called TraderTraitor, which was also responsible for a $1.5 billion hack of Bybit last year. The FBI urged crypto exchanges and blockchain analytics firms to block transactions tied to the stolen funds to prevent money laundering.
The stolen assets are primarily being converted into Ethereum, according to the FBI's investigation. The bureau expects the hackers to use decentralized finance (DeFi) platforms and instant swap services to further launder the funds.
President Donald Trump, when asked about the hack at a Halloween party in Florida, expressed uncertainty over North Korea's involvement. 'We don’t know if it’s North Korea,' he said, though he acknowledged it could be determined later.
Crypto expert Ari Redbord predicted that the hackers would break the stolen assets into smaller pieces and launder them through lesser-known exchanges to avoid detection. Redbord, chief policy officer at TRM Labs, compared the heist to 'bank robbery at the speed of the Internet' but noted that funds could be tracked and potentially seized.
Binance assured customers that it had enough reserves to cover 90% of the stolen assets and promised full reimbursement.