FBI Accuses North Korea of Stealing More Than $6.3 Billion From Binance
The Federal Bureau of Investigation (FBI) has accused North Korea of carrying out a cryptocurrency theft worth more than US$6.3 billion from Binance, the world’s largest cryptocurrency exchange.
According to the FBI, hackers linked to North Korea have been converting the stolen assets primarily into Ethereum as part of an effort to move and launder the funds.
The agency said the activity involved TraderTraitor actors and warned that the stolen cryptocurrency could undergo further conversions through decentralised finance (DeFi) platforms and instant swap services.
The attack, which occurred on October 29, has been described by analysts as the largest cryptocurrency theft in history.
Meanwhile, Binance has said it has covered approximately 90% of the stolen amount and plans to restore withdrawals by November 1.
FBI Links Binance Cryptocurrency Theft to North Korea
In a statement released on October 31, the FBI said it had observed TraderTraitor actors converting the stolen cryptocurrency primarily into Ethereum.
The agency said it was monitoring the movement of the assets alongside partners from the US Secret Service (USSS) and the Criminal Investigation division of the Internal Revenue Service (IRS-CI).
The FBI warned that the cryptocurrency could be converted further through DeFi platforms and instant swap services before entering additional laundering stages.
The statement said:
“The FBI, together with partners at the USSS and IRS-CI, has observed TraderTraitor actors converting stolen assets primarily into Ethereum.”
The agency added that further conversions were expected as the actors prepared the assets for additional laundering.
Binance Says It Has Covered 90% of the $6.3 Billion Theft
Binance has said it has covered approximately 90% of the US$6.3 billion stolen in the attack.
The cryptocurrency exchange also announced plans to restore withdrawals by November 1, indicating progress towards its commitment to fully reimburse affected customers.
In a social media post published on October 31, Binance reiterated that it would absorb the full financial impact of the theft.
The company said users would not suffer losses as a result of the incident.
Binance’s commitment to cover the stolen amount is intended to protect customers while the exchange works towards restoring normal withdrawal services.
Binance Hack Described as Largest Cryptocurrency Theft in History
The October 29 attack has sent shockwaves through the cryptocurrency industry.
According to experts, the incident represents the largest theft in cryptocurrency history and ranks among the biggest cyber incidents more broadly.
The scale of the reported US$6.3 billion theft has raised concerns across an industry that has been working to achieve wider mainstream adoption.
The incident also highlights the risks facing cryptocurrency exchanges as hackers target digital assets and attempt to move stolen funds through different cryptocurrency services.
North Korean Hackers Linked to Previous Major Crypto Heists
North Korean hackers have been accused of carrying out several major attacks against cryptocurrency exchanges.
The FBI and cybersecurity experts have previously linked North Korean actors to some of the largest cryptocurrency thefts in recent years.
These include the US1.5billionBybitattackin2025andthetheftofapproximatelyUS620 million in cryptocurrency in 2022.
The latest Binance incident adds to concerns about repeated cyberattacks targeting cryptocurrency platforms.
The FBI’s latest statement identifies TraderTraitor actors in connection with the movement of the stolen Binance assets, with Ethereum conversions and potential further laundering stages forming part of the agency’s observations.
What Happens Next After the Binance Hack?
The FBI says the stolen assets are being converted primarily into Ethereum and could undergo further transactions through DeFi and instant swap services.
Binance, meanwhile, has stated that it will absorb the financial impact of the theft and has covered approximately 90% of the reported amount.
The exchange’s planned restoration of withdrawals by November 1 is another key development following the October 29 attack.
The incident remains a major concern for the cryptocurrency industry because of the reported scale of the theft and the challenges involved in tracking and recovering digital assets.
Key Facts About the $6.3 Billion Binance Hack
- Accused party: The FBI has accused North Korea of responsibility for the theft.
- Reported amount: More than US$6.3 billion.
- Affected exchange: Binance.
- Date of attack: October 29.
- FBI statement: Released on October 31.
- Identified actors: TraderTraitor actors.
- Cryptocurrency involved in conversions: Ethereum.
- Further laundering methods: DeFi platforms and instant swap services.
- Binance response: The exchange said it had covered approximately 90% of the stolen amount.
- Customer commitment: Binance said it would absorb the full impact so users would not suffer losses.
- Previous attacks cited: The US1.5billionBybitattackin2025andtheapproximatelyUS620 million cryptocurrency theft in 2022.
Frequently Asked Questions
1. How much cryptocurrency was stolen from Binance?
The reported amount exceeds US$6.3 billion, making the incident the largest cryptocurrency theft in history, according to experts.
2. Who does the FBI blame for the Binance hack?
The FBI has accused North Korea of responsibility and referred to TraderTraitor actors in its statement about the movement of the stolen assets.
3. When did the Binance cryptocurrency attack happen?
The attack occurred on October 29, 2026.
4. Which cryptocurrency are the hackers converting the stolen assets into?
The FBI said the stolen assets were being converted primarily into Ethereum.
5. How are the hackers expected to launder the stolen cryptocurrency?
The FBI said the assets could be converted further using decentralised finance platforms and instant swap services.
6. How much of the stolen amount has Binance covered?
Binance said it had covered approximately 90% of the US$6.3 billion theft.
7. Will Binance customers lose money because of the attack?
Binance said it would absorb the full financial impact of the theft so that users would not suffer losses.
8. When did the FBI release its statement?
The FBI released its statement on October 31, referring to observations made with the US Secret Service and IRS-CI.
9. What previous cryptocurrency attacks have been linked to North Korean hackers?
The FBI and cybersecurity experts have accused North Korean hackers of involvement in the US1.5billionBybitattackin2025andacryptocurrencytheftworthapproximatelyUS620 million in 2022.
10. Why is the Binance hack significant?
Experts have described it as the largest cryptocurrency theft in history and one of the largest cyber incidents more generally, raising concerns across the cryptocurrency industry.
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