FBI Attributes 'Biggest Hack in History' to North Korea, Targeting Binance for $6.3 Billion
A coordinated federal investigation identified North Korean cyber activity known as 'TraderTraitor' as responsible for a massive cryptocurrency theft.
The Federal Bureau of Investigation (FBI) has confirmed that North Korea is behind a cyberattack that resulted in the theft of approximately $6.3 billion from the cryptocurrency exchange Binance. The operation, identified as 'TraderTraitor,' represents the largest cryptocurrency heist on record.
A joint investigation involving the FBI, the U.S. Secret Service, and the IRS Criminal Investigation division uncovered the malicious North Korean cyber activity. According to the FBI, 'TraderTraitor' actors stole assets and attempted to launder the funds on or around October 29.
Binance, the world's largest cryptocurrency exchange by trading volume, initially suggested the hack involved a single compromised laptop. However, further investigation revealed "additional points of breach," significantly increasing the estimated total impact to $6.3 billion. This figure dwarfs the previous record for a similar attack, which was $1.5 billion stolen from the Bybit platform in February of the previous year, an incident also attributed to 'TraderTraitor.'
'TraderTraitor' is believed to be associated with the Lazarus Group, a hacking collective that gained international attention in 2014 for its alleged role in the cyberattack on Sony Pictures. The group was accused of seeking revenge for the film "The Interview," which satirized North Korean leader Kim Jong Un.
Binance's co-CEO Richard Teng stated in a video message that the company is working to cover all losses and assured traders that their assets remain secure. Teng described the attack as complex, noting the attacker utilized a self-destruct mechanism that hindered tracing efforts. He also announced that Binance would conduct a comprehensive security review.
The attack occurs amid growing concerns about the potential impact of advanced artificial intelligence capabilities on cybersecurity protocols.
Binance was founded in 2017 by Changpeng Zhao, who stepped down as CEO in 2023 after pleading guilty to a felony related to his failure to prevent money laundering on the platform. He was subsequently pardoned by President Donald Trump in 2025 and released from prison in 2024 after serving a sentence for violating the Bank Secrecy Act, marking the first time an individual was imprisoned for such violations.