FBI blames North Korea for stolen billions from Binance in biggest hack in history
The FBI has attributed the theft of $6.3 billion from Binance to North Korean hackers.
The theft of $6.3 billion in bitcoin and other digital currency from Binance within minutes was orchestrated by North Korean hackers, the FBI said Saturday.
The bureau tied the attack to malicious cyber activity by an entity known as TraderTraitor, the same group behind a $1.5 billion hack of the Bybit exchange last year.
The FBI is asking crypto exchanges and blockchain analytics companies to block transactions linked to addresses associated with the theft to prevent the laundering of the funds.
Laundering plans
The FBI’s investigation found that TraderTraitor is converting the stolen assets primarily into ethereum. The bureau expects the hackers will now attempt to convert the assets using decentralized finance and instant swap services.
Crypto expert Ari Redbord said he anticipates the thieves will break the stolen assets into smaller pieces and attempt to launder them through various exchanges to evade detection.
Binance response
Binance, the world’s largest crypto exchange, said it has set aside enough of the same digital currency that was stolen to cover 90% of the missing assets.
The company promised that customers would be fully reimbursed for the loss. The hack occurred on Thursday, and the FBI’s attribution of the theft to North Korean actors was announced on Saturday.
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