FBI attributes $6 billion Binance hack to North Korea

The Federal Bureau of Investigation stated on Saturday that North Korea stole more than $6 billion in virtual assets from Binance. The agency confirmed the breach occurred on or about October 29, 2026. This event stands as the largest cryptocurrency heist in history.

The theft took place over a period of just minutes. The stolen funds included bitcoin, ethereum, and stablecoins like tether and USD Coin. These stablecoins maintain values tied to traditional currencies. The rapid loss of assets caused the prices of most major cryptocurrencies to drop on Friday.

The FBI linked the attack to malicious cyber activity by a group known as TraderTraitor. This same entity was responsible for a $1.5 billion hack of the Bybit exchange last year. Investigators observed the actors converting the stolen assets primarily into ethereum. The agency expects the funds to be further laundered using decentralized finance and instant swap services.

To stop the money from disappearing, the FBI asked cryptocurrency exchanges and blockchain analytics firms to block specific transactions. These firms were instructed to target addresses linked to the theft to help cover the funds' origins.

Binance, the world's largest crypto exchange by daily trading volume, responded to the incident on Saturday. The company announced it would use over $6.34 billion in its own funds to buy tokens. This effort aims to replenish approximately 90% of the stolen assets. The remaining 10% consists of less liquid tokens that may take more time to replace.

The exchange stated on X that it would fully cover the financial impact of the stolen funds. The heist occurred as concerns grew that expanding artificial intelligence models might compromise existing cryptography and IT security protocols.

The FBI continues to monitor the flow of the converted assets. It remains a priority to trace the assets through DeFi platforms and other laundering stages.