FBI blames North Korea for US$6 billion Binance crypto hack

• The FBI said North Korea stole more than US$6 billion in cryptocurrencies from Binance, in what experts call the biggest crypto hack ever.
• Binance said it has covered about 90% of the US$6.3 billion loss and plans to restore withdrawals by Nov 1, while promising users will not lose money.
• The FBI said stolen assets were being moved into Ethereum and laundered through DeFi and instant swap services, raising fears of more hiding and conversion.

WASHINGTON - The FBI said that North Korea was responsible for stealing more than US$6 billion (S$7.67 billion) in cryptocurrencies in a brazen hacking attack on Binance.

“The FBI, together with partners at the USSS and IRS-CI, has observed TraderTraitor actors converting stolen assets primarily into Ethereum,” the FBI said on Oct 31 in a statement, referring to the US Secret Service and the criminal division of the Internal Revenue Service.

“It is expected these assets will then be further laundered by converting them using DeFi and instant swap services as they prepare them for further laundering stages.”

Earlier, Binance said it has covered about 90% of the US$6.3 billion and plans to restore withdrawals by Nov 1, making progress on a pledge to fully reimburse customers.

In a social media post on Oct 31, the world’s biggest crypto exchange reiterated that it will absorb the full impact of the theft so that users won’t suffer any losses.

The Binance hack is the largest in cryptocurrency’s history, as well as one of the largest cyber incidents more generally, according to experts. It sent shockwaves through the industry, which has been trying to gain more mainstream adoption.

North Korean hackers are well known for their past attacks against crypto exchanges. They’ve been accused by the FBI and cybersecurity experts of some of the biggest crypto heists in recent years, including the US$1.5 billion Bybit attack in 2025 and the 2022 theft of about US$620 million in cryptocurrency.

TraderTraitor is an elite North Korean hacking unit that the FBI previously blamed for the Bybit hack.

Earlier, President Donald Trump had said the US was looking into whether North Korea was involved in the Binance attack.

“They’re saying they’re guaranteeing it or something,” Trump told reporters on Oct 30 in the Oval Office. “It was a hack. That’s the problem. You know the old-fashioned way when you used to sign a check, take it out. These are different people. Never see the money anymore. So I’ve always felt it was a little bit dangerous.”

Trump in recent weeks has floated new US outreach to North Korea, suggesting that a potential meeting with its leader, Kim Jong Un, could happen in 2026. Earlier in October, however, Trump downplayed those expectations, saying he was “not sure that anybody’s asking for a meeting.” BLOOMBERG