FBI links North Korea to $6 billion Binance crypto theft

The FBI has accused North Korea of orchestrating a $6 billion cryptocurrency theft from Binance, the world's largest exchange, in what is believed to be the largest crypto heist ever recorded. Binance has pledged to fully cover the losses using company funds. Binance announced it has set aside over $6.34 billion to replenish 90 percent of the stolen tokens, with the remaining 10 percent expected to take longer due to lower liquidity. The FBI identified the North Korean-affiliated hacking group TraderTraitor as responsible, noting it is converting stolen assets into Ethereum for laundering. The attack caused major cryptocurrency prices to fall sharply, with Bitcoin dropping nearly five percent and Ethereum nearly six percent. TraderTraitor is linked to the Lazarus Group, previously accused of a $1.5 billion theft from Bybit and the 2014 Sony Pictures hack.