The FBI has officially blamed North Korea for a massive cyberattack on the Binance cryptocurrency exchange that resulted in the theft of $6.3 billion in digital assets. The hack, described by Binance co-CEO Richard Teng as a "complex attack," occurred earlier this week and involved unauthorized access to the exchange's hot wallets.
The FBI released a statement on Saturday, attributing the attack to the Democratic People's Republic of Korea (North Korea). The agency referred to the hacking group responsible as 'TraderTraitor,' noting that the stolen assets were being converted into Ethereum and expected to be laundered through DeFi and instant swap services.
TraderTraitor is believed to be part of the Lazarus Group, a North Korean state-sponsored hacking collective known for targeting blockchain and cryptocurrency industries since at least 2020. The group has been linked to spearphishing campaigns and malware attacks.
In response to the breach, Binance temporarily suspended deposits and withdrawals while conducting security checks and collaborating with law enforcement. The exchange has since covered around 90% of the stolen amount and is resuming withdrawals in phases. The remaining 10% of tokens, described as "less liquid," may take longer to recover.
Binance co-CEO Richard Teng reassured users in a video statement, emphasizing the company's commitment to covering all hacked losses through its own funds. "Your assets are safe," he stated.