FBI Links North Korea to $6 Billion Theft from Cryptocurrency Exchange Binance
The FBI has accused North Korean hackers of stealing over $6 billion from Binance, the largest theft of its kind. Binance is covering the losses.
NEW DELHI, Nov 1: The FBI has identified North Korea as the perpetrator behind the theft of over $6 billion in virtual assets from cryptocurrency exchange Binance, one of the largest hacks in cryptocurrency history. The announcement came as Binance reassured customers that it is using its own funds to cover nearly all losses from the cyberattack.
On Friday, Binance stated it has replenished about 90 percent of the stolen assets after the hack on or about October 29, 2026. The exchange set aside over $6.34 billion to address the financial impact of the incident.
The FBI’s report implicated a group known as TraderTraitor, allegedly linked to North Korea, which was responsible for a $1.5 billion theft from the Bybit platform last year. The bureau noted TraderTraitor actors are converting stolen assets into Ethereum and are expected to launder them further using decentralized finance services.
Binance temporarily suspended user withdrawals following the hack but indicated they were set to resume after updates. Prices for major cryptocurrencies fell sharply, with Bitcoin down nearly five percent and Ethereum dropping close to six percent.
Binance described the incident as a complex attack with multiple points of breach. The scale of the theft raised concerns about North Korea’s ability to generate revenue through illicit means amid ongoing international sanctions related to its nuclear and missile programs.
TraderTraitor is believed to be connected to the Lazarus Group, known for previous cyberattacks, including the 2014 hack of Sony Pictures.
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