FBI links Binance's $6.3 billion hack to North Korea; exchange recovers 90% of stolen funds
The FBI has blamed North Korea for the theft of $6.3 billion in cryptocurrency from Binance, calling it the work of a state-backed hacking group known as TraderTraitor. The attack, described as the biggest crypto heist in history, took place on Thursday and affected the world's largest cryptocurrency exchange. Binance said on Saturday that it had replaced 90% of the stolen assets using company funds and would cover the remaining losses. Co-CEO Richard Teng assured customers that they would not face any financial impact from the breach. In a statement, the FBI linked the attack to TraderTraitor, a group previously blamed for a $1.5 billion hack of cryptocurrency exchange Bybit last year. The FBI warned that the hackers had started converting the stolen funds, mainly into Ethereum, and could use decentralised finance platforms to move assets. Binance temporarily stopped withdrawals but plans to resume them on Sunday, having set aside around $6.34 billion in company funds to cover the losses.