FBI says North Korea behind $6 billion Binance crypto theft
The FBI said the theft was tied to "malicious cyber activity" by an entity known as TraderTraitor, the same actors behind a $1.5 billion Bybit hack last year.
The US Federal Bureau of Investigation (FBI) has declared North Korea responsible for the largest ever theft of cryptocurrency, amounting to over $6 billion USD. The breach targeted the global cryptocurrency exchange Binance on or around October 29, 2026, and was completed within a short period. The stolen assets comprised a variety of digital currencies including Bitcoin, Ethereum, and stablecoins such as Tether and USD Coin, the values of which are tied to traditional currencies. The cyberattack precipitated a drop in prices for most major cryptocurrencies on Friday.
The FBI linked the theft to a cyber entity called TraderTraitor, the same group behind a previous $1.5 billion hack of the Binance rival, Bybit. TraderTraitor operatives were observed converting the stolen assets primarily into Ethereum, which will subsequently be laundered through decentralized finance (DeFi) and instant swap services, according to the agency.
The FBI has urged cryptocurrency exchanges, blockchain analytics firms and others to halt transactions associated with specific addresses in an effort to prevent funds from being laundered and concealing their origins.
Binance, the world's largest crypto exchange by daily trading volumes, announced on Saturday that it would utilize company funds exceeding $6.34 billion to repurchase tokens, replenishing approximately 90% of the stolen assets. The remaining 10%, composed of less liquid tokens, may take longer to restore, Binance stated. The company reaffirmed its commitment to fully cover the financial impact of the heist.
The incident underscores growing concerns over the potential for advancements in artificial intelligence to undermine cryptographic and IT security measures.
Written by urgent.news from Deutsche Welle Science's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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