FBI identifies North Korean hackers behind Binance theft
The FBI has attributed the theft of more than $6 billion in cryptocurrency from Binance to North Korean hackers, identifying a state-linked cyber operation responsible for one of the largest digital asset heists ever disclosed. The US Federal Bureau of Investigation announced on October 31 that hackers associated with North Korea had stolen virtual assets from the world’s largest cryptocurrency…
On October 31, the FBI attributed a $6.36 billion cryptocurrency theft from Binance to North Korean hackers, identifying the cyber operation as TraderTraitor. The hackers are believed to have targeted Binance's cryptocurrency exchange on or around October 29. The FBI, collaborating with the Secret Service and IRS Criminal Investigation, is currently tracing the stolen assets to stop them from being converted into harder-to-recover assets.
The hackers are thought to be converting stolen digital assets into Ethereum, the largest cryptocurrency by market capitalization. Investigators predict further transfers through decentralized finance platforms and instant exchange services to facilitate conversions between different cryptocurrencies. The FBI has issued an alert urging cryptocurrency businesses, blockchain infrastructure operators, and financial intelligence companies to block transactions involving specific wallet addresses linked to the operation.
Binance acknowledged that its hot wallets were compromised at 20:05 GMT on October 29, resulting in unauthorised withdrawals valued at approximately $6.3 billion. The exchange has absorbed the losses from its own resources and pledged to replace affected cryptocurrency holdings. As of October 31, Binance had replenished approximately $6 billion of the stolen assets, with the remaining funds still in the process of being recovered.
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