Who FBI blames for stolen billions in biggest hack in history - Hays Post
The FBI has accused North Korean hackers of orchestrating the theft of $6.3 billion from Binance, calling it the biggest crypto heist in history.
The theft of billions of dollars from Binance within minutes was orchestrated by North Korean hackers, the FBI announced Saturday. The bureau stated this week's attack was linked to "malicious cyber activity" by an entity known as TraderTraitor, the same actors behind a $1.5 billion Bybit hack last year.
The FBI has requested crypto exchanges, blockchain analytics companies and others to block transactions linked to various addresses to prevent laundering of the stolen assets. The agency found that TraderTraitor was converting stolen funds primarily into ethereum and expects the hackers will now attempt to use DeFi and "instant swap services."
Presidential Doubt
President Donald Trump, however, questioned the North Korean connection during a Halloween appearance at his Mar-a-Lago estate. "I'm not concerned. We're learning about it," Trump said. "We don't know if it's North Korea." Though he added it could yet be determined that it was.
Expert Analysis
Crypto expert Ari Redbord predicted the hackers will break the stolen assets into pieces and launder them through smaller exchanges over months. "It's bank robbery, in this case, at the speed of the Internet," said Redbord, chief policy officer at TRM Labs. "However, we can also track and trace those funds in real time."
It's just this cat and mouse game.
Exchange Response
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 it had sufficient reserves to cover 90% of the missing assets and promised customers would be fully reimbursed.
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