FBI Says North Korean Hackers Took $6.3B From Binance

$6.3 billion left Binance on Thursday in bitcoin and other digital currency. The FBI said Saturday that North Korean hackers pulled off the theft. The bureau called it the biggest crypto heist in history.

The FBI said the attack was tied to malicious cyber activity by an entity known as TraderTraitor. The same actors were behind a $1.5 billion Bybit hack last year. The bureau asked crypto exchanges, blockchain analytics companies and others to block transactions linked to various addresses so the money cannot be laundered to cover up its origins.

Investigators found that TraderTraitor converted stolen assets primarily into ethereum. The FBI expects the group will now try to convert the assets using DeFi and instant swap services.

Binance said Saturday it had set aside the same digital currency that was stolen to cover 90% of the missing assets. The company said customers would be fully reimbursed.

President Donald Trump was asked about the case as he appeared Saturday night during a Halloween party at his Mar-a-Lago estate in Florida. "I'm not concerned. We're learning about it," Trump said. "We don't know if it's North Korea." He added that it could yet be determined that it was.

Ari Redbord, chief policy officer at blockchain intelligence firm TRM Labs, said he expects the hackers will break the stolen assets into pieces and try to launder them through smaller exchanges. He said that process could unfold over months. "It's bank robbery, in this case, at the speed of the Internet," Redbord said. He added that the funds can be tracked in real time to build investigations and seize funds back.

The FBI's statement about the attack came Saturday, three days after the theft took place. The bureau is asking exchanges and blockchain analytics companies to block transactions linked to the addresses.