The FBI on Saturday accused North Korea of stealing more than $6 billion in virtual assets from the cryptocurrency exchange Binance in what is thought to be the biggest-ever crypto heist.
The FBI confirmed earlier suspicions from private investigators and analysts that a North Korea-affiliated group called TraderTraitor was behind the hack. News of the cyberattack caused the prices of most major cryptocurrencies to fall sharply on Friday. Binance is the world’s largest crypto exchange by daily trading volumes. The attack on Binance came as many observers express worries that the ever-expanding capabilities of artificial intelligence models could compromise cryptography and IT security protocols. The sheer scale of the hack has put a spotlight on the capacity of North Korea — which faces extensive international sanctions over its nuclear and missile programs — to find illicit means to capture revenue.
It said it has used company money to buy tokens to replenish 90 per cent of the stolen funds, while the remaining 10 per cent of tokens are “less liquid, which means they may take longer to source in the required amounts. The US law enforcement agency’s statement came as Binance offered reassurances that it was covering the losses from the hacking attack, saying it has used company funds to buy tokens to replenish 90 per cent of what was stolen. TraderTraitor is the same group blamed for a $1.5 billion theft from the Bybit platform in February last year. Bitcoin plunged nearly five per cent after the news of the hack, while Ethereum dropped nearly six per cent and BNB, native to Binance, tumbled nearly 10 per cent.
“Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident,” the company said on X. Binance suspended user withdrawals after the hack, but said in its latest update they were on track to resume Sunday. Binance said Friday it was working to resolve what it called a “complex attack” with several “points of breach. TraderTraitor is believed to be part of the Lazarus Group, which gained notoriety in 2014 when it was accused of hacking into Sony Pictures as revenge for “The Interview,” a film that mocked North Korean leader Kim. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
US President Donald Trump, however, cast doubt on North Korea’s involvement in the hack. “I’m not concerned. We’re learning about it.
The president often reflects with pride on summits he held with North Korean leader Kim Jong Un during his first term. – ‘Cover the financial impact’ – Binance said Saturday it has set aside more than $6.34 billion in company funds to cover losses in the hack.
“The Federal Bureau of Investigation (FBI) is releasing information advising that the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026,” the statement said. The FBI added that it had observed “TraderTraitor actors” converting stolen assets into Ethereum, and expected those assets to be laundered further by converting them using decentralised finance and instant swap services. It said it was urging private sector entities “to block transactions with or derived from addresses TraderTraitor actors are using to launder these stolen assets. We don’t know if it’s North Korea,” Trump told reporters at his residence in Florida late Saturday.
