FBI blames North Korea for stolen billions from Binance in biggest hack in history
The FBI has attributed a massive multi-billion dollar cryptocurrency theft from Binance to North Korean hackers known as TraderTraitor. While the FBI is working to track and block the laundered funds, President Trump has expressed skepticism regarding the definitive involvement of North Korea.
Why it matters
This incident represents the largest crypto heist in history, highlighting significant security vulnerabilities in global digital asset exchanges and the ongoing challenge of state-sponsored cyber warfare.
New York -- 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.
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.”
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