FBI says North Korea behind $6bn crypto theft - RTE.ie
The FBI has accused North Korea of stealing more than $6 billion in virtual assets from cryptocurrency exchange Binance in what is believed to be the largest crypto heist in history.
The US law enforcement agency confirmed earlier suspicions from private investigators that a North Korea-affiliated group called TraderTraitor was behind the hack that occurred on or about October 29, 2026. Binance, the world's largest crypto exchange by daily trading volumes, has reassured customers it was covering the losses from the hacking attack.
The FBI statement revealed that North Korea was responsible for the theft of more than $6 billion USD in virtual assets. The agency observed that the hackers were converting stolen assets into Ethereum and expected further laundering through decentralised finance and instant swap services.
The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026.
Exchange Response
Binance said it has set aside more than $6.34 billion in company funds to cover losses in the hack. The company used its own money to buy tokens to replenish 90% of the stolen funds, while the remaining 10% consists of less liquid tokens that may take longer to source.
Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident.
The exchange suspended user withdrawals after the hack but indicated they were on track to resume the following day. Binance described the attack as "complex" with several "points of breach" that the company was working to resolve.
Market Impact
News of the cyberattack caused the prices of most major cryptocurrencies to fall sharply on Friday. Bitcoin plunged nearly 5%, while Ethereum dropped nearly 6% and BNB, the native token to Binance, tumbled nearly 10%.
The scale of the hack has put a spotlight on North Korea's capacity to find illicit means to capture revenue despite extensive international sanctions over its nuclear and missile programs. TraderTraitor is believed to be part of the Lazarus Group, which gained notoriety in 2014 for hacking Sony Pictures.
Related
