The FBI has accused North Korean hackers of orchestrating the largest crypto heist in history, stealing billions of dollars from Binance in a matter of minutes. The bureau linked the attack to a group known as 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. Authorities expect the hackers to use decentralized finance (DeFi) platforms and instant swap services to further launder the funds. Crypto expert Ari Redbord noted that the hackers will likely break the stolen assets into smaller amounts and move them through lesser-known exchanges to avoid detection, a process that could take months.
Redbord compared the heist to a bank robbery but emphasized that the stolen funds can be tracked and traced in real time. He described the situation as a 'cat and mouse game' between hackers and investigators. Binance assured customers that it has enough reserves to cover 90% of the stolen assets and promised full reimbursement.
The theft, which occurred on Thursday, involved $6.3 billion in bitcoin and other digital currencies. Several crypto experts noted that the attack bore the hallmarks of North Korean hackers. The FBI's statement was released on Saturday, detailing the ongoing investigation and measures to recover the stolen funds.