FBI Says North Korea Behind $6.3 Billion Binance Hack
The FBI said North Korea carried out the theft of $6.3 billion from Binance and linked the operation to TraderTraitor actors.
The agency said the hackers moved stolen assets mainly into Ethereum and would likely use DeFi services and instant swaps to launder the rest. It also listed several cryptocurrency addresses tied to the theft and asked exchanges and analytics firms to block related transactions.
President Donald Trump said investigators do not know if North Korea is responsible. "We don't know if it's North Korea," he said.
Binance said it has covered 90 percent of the stolen assets using its secure asset fund, a bitcoin reserve, a futures insurance fund and its corporate treasury. The remaining 10 percent may take longer to replace, the company added.
The exchange restored withdrawals on several networks on Sunday after suspending them when funds started moving out of its wallets on Thursday. Deposits were never affected.
Richard Teng, Binance's co-chief executive officer, said more than one person carried out the hack. Binance's initial investigation suggested an engineer's laptop was compromised.
TRM Labs attributed the attack to TraderTraitor with high confidence. The co-founder and CEO of Chainalysis said the Binance hack was likely done by TraderTraitor, and analysts believe the group is part of the Lazarus Group. Experts say North Korea has turned to crypto theft to raise foreign currency under U.N. sanctions.
The investigation is ongoing.
Verified Facts
- The FBI said North Korea was responsible for the $6.3 billion hack on Binance. (BBC News, Bloomberg News, NewsNation, The Guardian, ABC News, New York Post, PBS NewsHour)
- The FBI identified the hackers as TraderTraitor actors. (Bloomberg News, NewsNation, CBS News, The Guardian, ABC News, New York Post, PBS NewsHour)
- The FBI observed the hackers converting stolen assets primarily into Ethereum. (BBC News, Bloomberg News, NewsNation, CBS News, The Guardian, ABC News, New York Post, PBS NewsHour)
- The FBI expects the hackers to launder assets further using DeFi and instant swap services. (BBC News, Bloomberg News, NewsNation, The Guardian, ABC News, New York Post, PBS NewsHour)
- President Donald Trump said investigators do not know if North Korea is responsible. (BBC News, NewsNation, ABC News, New York Post, PBS NewsHour)
- Binance said it has covered 90% of the $6.3 billion assets stolen in the hack. (BBC News, NewsNation, The Guardian, ABC News, New York Post, PBS NewsHour)
- Binance said the remaining 10% of losses may take longer to source. (BBC News, The Guardian)
- Binance restored withdrawals on several networks on Sunday after suspending them following the hack. (BBC News, The Guardian)
- North Korea has always denied involvement in these attacks. (BBC News)
- Binance's initial investigation suggested an engineer's laptop was compromised. (BBC News, CBS News, X @binance)
- Richard Teng, Binance's co-chief executive officer, said the hack was carried out by more than one person. (BBC News)
- TRM Labs attributed the attack to TraderTraitor with high confidence. (CBS News)
- Experts say North Korea has turned to crypto hacking as a source of foreign currency to support its economy and fund its nuclear program due to U.N. sanctions. (CBS News)
- Binance previously said withdrawals would be resumed in phases. (BBC News)
- Binance said it had replenished the stolen assets using various funds and its own corporate treasury. (BBC News)
- The investigation is ongoing. (BBC News)
- 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. (NewsNation, The Guardian, ABC News, New York Post, PBS NewsHour)
- Several crypto experts said the hack bore the hallmarks of a North Korean hack. (NewsNation, ABC News, New York Post, PBS NewsHour)
- Binance said North Korea's capacity to steal digital assets was considered among the best in the world. (CBS News)
- The FBI provided several cryptocurrency addresses it says are linked to the crime. (NewsNation)
- On Thursday, funds began moving out of Binance wallets, prompting the company to suspend all deposits and withdrawals. (NewsNation)
- Binance has started to allow its customers to withdraw their funds from the platform. (The Guardian)
- In the first phase people holding the ethereum, USDT and USDC tokens on the ethereum blockchain were able to withdraw their funds, as well as some others held on the BNB Smart Chain blockchain. (The Guardian)
- Later on Sunday, dealing in the Dogecoin and Avalanche currencies resumed on their own platforms. (The Guardian)
- 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 programmes, to find illicit means to capture revenue. (The Guardian)
- Binance pledged to cover all of the losses from the hack. (BBC News, NewsNation, The Guardian)
- The co-founder and CEO of Chainalysis said the Binance hack was likely done by TraderTraitor. (CBS News)
- Analysts believe TraderTraitor members are part of the Lazarus Group. (CBS News)
- All holdings of the cryptocurrencies bitcoin, Ethereum and Tether are covered, along with other widely-traded crypto assets. (BBC News)
- On Thursday, $6.3 billion in bitcoin and other digital currency was stolen from Binance, the world's largest crypto exchange. (NewsNation, ABC News, New York Post, PBS NewsHour)
Sources
- BBC News: Crypto firm Binance covers 90% of losses after $6.3bn hack
- Bloomberg News: FBI Blames North Korea for $6 Billion Binance Crypto Hack
- NewsNation: FBI blames North Korea for stolen billions from Binance in biggest hack in history
- CBS News: $6.3 billion Binance hack was likely work of North Korea, blockchain intel firms say
- The Guardian: Binance resumes customer withdrawals after record $6.3bn hack
- ABC News: FBI blames North Korea for stolen billions from Binance in biggest hack in history
- New York Post: FBI blames North Korea for stealing $6.3B from Binance in biggest crypto heist in history
- PBS NewsHour: FBI says North Korea was behind $6.3 billion Binance heist, the biggest crypto hack in history
- X @binance: @binance on X