FBI blames North Korea for stolen billions from Binance in biggest hack in history
In this news:
Key takeaways
- The FBI attributes the record Binance theft to North Korean hackers known as TraderTraitor.
- Stolen assets are reportedly being converted into ethereum through decentralized finance and swap services.
- Binance states it has enough reserves to cover 90 percent of missing funds and will reimburse customers.
The theft of billions of dollars from Binance within a matter of minutes, the biggest crypto heist in history, was orchestrated by North Korean hackers, the FBI said Saturday.
The bureau said in a statement that this week's attack was tied to “malicious cyber activity” by an entity known as TraderTraitor, the same actors behind a $1.5 billion Bybit hack last year.
FBI investigation and asset tracking
The FBI asked crypto exchanges, blockchain analytics companies and others to block transactions linked to various addresses to make sure the money is not laundered to cover up its origins.
It also said its probe found that TraderTraitor was converting stolen assets primarily into a cryptocurrency called ethereum. The FBI expects that TraderTraitor will now attempt to convert the assets using DeFi and “instant swap services.”
Binance response and customer reimbursement
On Thursday, $6.3 billion in bitcoin and other digital currency was stolen from Binance, the world's largest crypto exchange, in what several crypto experts said bore the hallmarks of a North Korean hack.
The company said Saturday that it had enough set aside in the same digital currency that was stolen to cover 90% of the missing assets and promised that customers would be fully reimbursed.
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