World’s biggest crypto heist: FBI says North Korean hackers stole US$6b from Binance

The FBI has accused North Korea of orchestrating the largest cryptocurrency heist in history, stealing over US$6 billion worth of virtual assets from the Binance exchange. Binance, the world's largest crypto exchange by daily trading volumes, has reassured investors that it will cover the losses by using company funds to purchase tokens, replenishing 90% of the stolen assets.

The FBI confirmed the identity of the hacking group behind the attack, naming them as TraderTraitor, a North Korea-affiliated faction linked to the Lazarus Group responsible for a similar US$1.5 billion theft in February last year. The FBI warns that TraderTraitor actors have converted the stolen assets into Ethereum, and further laundering is expected through decentralized finance and instant swap services.

Binance has set aside over US$6.34 billion to cover financial losses, having already replenished 90% of the stolen funds. Following the hack, Binance suspended user withdrawals but expects them to resume soon. The attack has highlighted concerns about the potential impact of artificial intelligence on encryption and IT security protocols.