The FBI announced Saturday that North Korean hackers operating under the moniker “TraderTraitor” were responsible for stealing more than $6 billion in cryptocurrency from Binance this week, marking one of the largest digital asset thefts in history. The disclosure represents the first public confirmation by U.S. federal investigators linking the regime in Pyongyang to the attack, corroborating earlier assessments from private cybersecurity researchers.
According to the bureau, the hackers extracted over $6 billion in virtual assets from the world’s largest cryptocurrency exchange on Thursday. The FBI, alongside partners at the U.S. Secret Service and IRS Criminal Investigation, observed the perpetrators converting the stolen funds primarily into Ethereum (ETH). Authorities anticipate the assets will be further laundered through decentralized finance (DeFi) platforms and instant cryptocurrency exchange services.
The FBI attributed the theft of more than $6 billion in cryptocurrency from Binance to North Korean cyber activity known as “TraderTraitor.” (KCNA via Reuters / Reuters)
Federal officials are urging cryptocurrency exchanges, blockchain analytics firms, and other digital asset service providers to block transactions involving wallet addresses linked to the stolen funds to impede the hackers’ ability to move or launder the assets.
President Donald Trump addressed the breach Saturday, stating his administration was still gathering information regarding potential North Korean involvement. “I’m not concerned. We’re learning about it. We don’t know if it’s North Korea, but if it is, we’ll talk to them about it,” Trump told reporters.
Binance temporarily suspended deposits and withdrawals following a security incident that founder Changpeng Zhao said appeared to be a hack. (Omar Marques/SOPA Images/LightRocket via Getty Images / Getty Images)
Binance reported Saturday that it had replenished approximately 90% of the stolen assets, covering roughly $6 billion of the estimated $6.3 billion loss. The exchange confirmed that major cryptocurrencies, including Bitcoin, Ethereum, Tether, and BNB, were fully backed, while it continued acquiring less-liquid tokens through market and over-the-counter transactions. “Binance will absorb the financial impact of these stolen funds, not our users,” the exchange stated. The platform first disclosed the breach Thursday, reporting that hackers had stolen approximately $6.3 billion in digital assets.
The scale of the theft underscores growing cybersecurity challenges facing major financial institutions, according to Eric Schiffer, chairman of Patriarch and Reputation Management Consultants. “I look at this as one of the world’s greatest thefts of all time, and it’s sad,” Schiffer said. He warned that the incident could signal a broader wave of increasingly sophisticated cyberattacks, particularly as artificial intelligence capabilities advance. “I think the bloodbath of AI hacking is to come,” he said. “And there’s going to be a lot more pain.”
President Donald Trump said his administration was examining whether North Korea was responsible for the massive Binance cryptocurrency hack. (Reuters/Evan Vucci / Reuters)
Also Read
- FBI says North Korean unit ‘TraderTraitor’ stole $6.3 Billion from Binance
- Israel’s war on homes: From Hebron to Gaza and southern Lebanon
- Pakistan Assumes G‑24 Chairmanship, Pledges to Amplify Developing Nations’ Voices
- Ardern Urges Leaders to Restore Trust Through Economic Security at Sydney Forum
