FBI Identifies Those Responsible for $6 Billion Binance Crypto Theft, Issues Urgent Alert
- The FBI has accused North Korean hackers of stealing more than $6 billion in cryptocurrency from Binance on October 29
- The hackers have reportedly been converting the stolen funds into Ethereum, prompting the FBI to urge crypto platforms to block related transactions
- Binance founder thanked US law enforcement agencies for helping track and freeze assets, while Binance pledged to cover the affected funds
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The Federal Bureau of Investigation (FBI) has accused North Korean state-sponsored hackers of stealing more than $6 billion in cryptocurrency from Binance, the world's largest cryptocurrency exchange.
In a cybersecurity advisory published on October 31, the FBI said the attack occurred around October 29 and was linked to a hacking group known as TraderTraitor, which it associates with North Korean cyber actors.
Source: UGC
The agency warned that the stolen funds were being moved through cryptocurrency networks, raising concerns about efforts to conceal their origins and make them difficult to recover, Aljazeera reported.
FBI warns Crypto platforms about laundering risks
According to the FBI, the hackers have been converting the stolen assets primarily into Ethereum (ETH) as part of efforts to launder the funds.
The agency said the stolen cryptocurrency could subsequently be moved through decentralised finance (DeFi) platforms and instant cryptocurrency swap services to complicate efforts to trace the transactions.
The FBI, working with the US Secret Service (USSS) and the Internal Revenue Service Criminal Investigation division (IRS-CI), urged cryptocurrency service providers to help prevent the movement of the stolen assets.
The warning specifically targeted operators of THORNode and remote procedure call (RPC) nodes, instant exchanges, DeFi platforms and blockchain analytics companies.
The agency asked these providers to block transactions involving wallet addresses linked to the hackers or funds derived from those addresses.
It also released a list of Ethereum wallet addresses allegedly connected to the theft, identifying them as accounts holding or previously holding stolen assets and operated by, or closely associated with, North Korean TraderTraitor actors.
The FBI encouraged anyone with information about the incident to contact a local field office or submit a report through its Internet Crime Complaint Center.
Binance founder thanks US authorities
Binance founder Changpeng Zhao credited US law enforcement agencies with helping to track and freeze assets connected to the incident.
In a social media post, Zhao acknowledged the contributions of the FBI, USSS, IRS and other agencies, saying their assistance had been vital to the response.
He added that the agencies deserved recognition for helping contain the impact of the incident, including limiting the potential fallout in the wider cryptocurrency market.
Zhao suggested that their intervention helped explain why Bitcoin's price did not fall more sharply following the incident.
Binance pledges to cover losses
In an earlier report, Binance estimated the losses from the security breach at approximately $6.3 billion and pledged to cover the affected funds.
The FBI's warning highlights the continuing challenge facing cryptocurrency platforms and law enforcement agencies as cybercriminals use blockchain networks and decentralised services to move stolen digital assets across multiple platforms.
Source: Legit.ng
