In brief
The FBI has identified North Korea as the culprit behind the largest crypto theft in history, with the stolen funds being laundered primarily into Ethereum. Binance has spent millions from its Secure Asset Fund for Users and other reserves to replace 90 % of the loss, pledging to complete the remaining coverage. The bullion‑level heist and the agency’s demand for virtual asset service providers to block related transactions highlight the growing threat of state‑backed cybercrime.
The FBI announced on Saturday that a North Korean hacking group has been linked to the largest cryptocurrency theft ever, siphoning $6.3 billion from Binance, the world’s biggest crypto exchange.
The agency said the attackers used a malware campaign to access user wallets on Binance’s platform, then moved the stolen assets into Ethereum and other tokens with the goal of concealment.
According to the FBI, the operation was carried out by a unit called TraderTraitor, the same North Korean group that stole $1.5 billion from the Bybit exchange in February of last year.
FBI officials urged all virtual asset service providers to block transactions that are linked to the suspected laundering addresses and asked for the details of related crypto wallets to be shared.
In response, Binance said it has replaced 90 percent of the stolen amount by buying back the same tokens with company reserves. “We will continue to buy the remaining relevant token assets… until the covered amount reaches 100 percent for all tokens. Binance will absorb the financial impact of these stolen funds, not our users,” the company said on its X account.
The majority of the re‑buying money came from Binance’s $1 billion Secure Asset Fund for Users (SAFU), a Bitcoin reserve meant to protect customers during security breaches, and from portions of its Futures Insurance Fund and corporate treasury.
The remaining 10 percent of the loss involves less liquid tokens, which the company says may take longer to purchase. Binance is committed to completing the coverage of all affected assets.
Crypto markets reacted to the news, with prices falling on Friday as investors absorbed the impact of the heist and potential regulatory scrutiny over exchanges’ security.
Binance stated that it will continue to maneuver its reserves in order to protect its customers and to smooth the volatility caused by the theft.
The FBI’s statement underscores increasing concern over state‑backed ransomware and cyber theft operations targeting digital assets, and it calls on the global community of exchanges and financial institutions to maintain vigilance and cooperation.
