FBI Blames North Korea For $6.3 Billion Binance Crypto Hack, Says Stolen Assets Being Converted Into Ethereum - ETV Bharat

The Federal Bureau of Investigation (FBI) has confirmed that the theft of billions of dollars from Binance within minutes earlier this week was orchestrated by North Korean hackers. The bureau stated in a statement that the attack, the biggest crypto heist in history, was tied to "malicious cyber activity" by an entity known as TraderTraitor, the same actors behind a $1.5 billion Bybit hack last year.

Stolen Assets Being Converted

The FBI revealed that it, together with partners at the USSS and IRS-CI, has observed TraderTraitor actors converting stolen assets primarily into Ethereum (ETH). "It is expected these assets will then be further laundered by converting them using DeFi and instant swap services as they prepare them for further laundering stages," the agency said.

Industry Response

The FBI has asked crypto exchanges, blockchain analytics companies and others to block transactions linked to various addresses to prevent the laundering of stolen funds. The agency shared a list of Ethereum, Bitcoin and Solana cryptocurrency addresses that are holding or have held assets from the theft, operated by or connected to North Korean TraderTraitor actors.

On Thursday, $6.3 billion in bitcoin and other digital currency was stolen from Binance, the world's largest crypto exchange. The company announced Saturday that it had enough set aside in the same digital currency that was stolen to cover 90% of the missing assets and promised customers would be fully reimbursed.