FBI Links $6.3 Billion Binance Hack to North Korea; Exchange Restores 90% of Funds
The FBI has formally accused a North Korea-linked hacking group, TraderTraitor, of stealing over $6 billion in virtual assets from cryptocurrency exchange Binance on October 29. Binance says it has replenished 90 percent of the stolen assets using company funds. Binance co-CEO Richard Teng stated the exchange is committed to covering the remaining 10 percent, with around $6.34 billion set aside from its Secure Asset Fund for Users, insurance fund, and corporate treasury. The FBI warned the hackers are converting stolen assets into Ethereum and laundering them through decentralized finance platforms. US President Donald Trump questioned the FBI's assessment of North Korea's involvement. Binance suspended customer withdrawals but expects to resume service on Sunday, while major cryptocurrencies like Bitcoin and Ethereum fell sharply following news of the record hack.