FBI Links Binance Theft of $6.3 Billion to North Korean Hackers

The FBI said Saturday that hackers in North Korea carried out the theft of $6.3 billion in bitcoin and other digital currencies from Binance on Thursday, calling it the largest cryptocurrency robbery on record.

In a statement, the bureau tied the attack to a group known as TraderTraitor. The same entity was behind the $1.5 billion hack of Bybit last year. The FBI asked cryptocurrency exchanges, blockchain analytics firms and other entities to block transactions tied to several digital addresses so the funds cannot be laundered to hide their origin.

The bureau said its investigation found that TraderTraitor was converting stolen assets mainly into Ethereum. It expects the group will next try to convert the assets using DeFi and instant exchange services.

Ari Redbord, director of policy at blockchain intelligence firm TRM Labs, said he expects the hackers will split the stolen funds into parts and try to move them through smaller exchange platforms to avoid detection, a process that could take months. "In this case, it's a bank robbery at internet speed," Redbord said. "However, we can also trace those funds in real time to conduct investigations, disrupt the theft and recover them." He added: "It's simply a game of cat and mouse."

Binance said Saturday it holds enough reserves in the same digital currency that was stolen to cover 90% of the missing assets and that customers will be refunded in full.