On a Saturday, the American investigative bureau placed its name on what it describes as the largest cryptocurrency theft ever recorded, a multibillion-dollar draining of Binance, the world's largest exchange, carried out in minutes. Attributing the act to North Korean hackers operating as TraderTraitor, the bureau points back to a $1.5 billion theft from Bybit as its precedent, and in doing so draws a line through the quiet history of state-linked digital robbery. Yet the claim stands alongside a former president's shrug and his admission that the truth is still being gathered, so the story h
FBI Attributes Binance Crypto Theft to North Korean Group TraderTraitor; Trump Says Involvement Unconfirmed
Billions drained from the world's largest exchange within minutes
Mark
Let's start with the basics. What did the FBI actually say on Saturday?
Mimi
That North Korean hackers, operating as a group called TraderTraitor, stole $6.3 billion from Binance on Thursday. The bureau calls it the largest crypto theft ever, and says it happened within minutes.
Mark
Why does the Bybit case matter here?
Mimi
The FBI says TraderTraitor was behind a $1.5 billion theft from Bybit last year. So the attribution rests partly on a known pattern from the same group.
Luke
I want to be careful there. The reporting says the FBI stated this, but it doesn't lay out the evidence. We have the claim and the earlier-case link, not the forensic detail.
Mark
And Trump said he doesn't know if North Korea is involved?
Mimi
Yes. At Mar-a-Lago on Saturday night he said they're gathering information and it isn't known yet, though more investigation might confirm it.
Luke
Worth noting he's described as a former president in this report. Nothing here shows he has access to the FBI's findings, so his remark reads as uncertainty, not a rebuttal.
Mark
What is being done about the stolen money?
Mimi
The FBI asked exchanges and analytics firms to halt transactions tied to certain wallet addresses. It says the group is mostly converting into Ethereum and may move into other coins through DeFi and instant swaps.
Luke
That's the FBI's suspicion about next steps, not something confirmed. Same with Ari Redbord's view that the funds could be split up and moved through small exchanges over months. That's one expert's expectation.
Mark
So what's solid?
Luke
A $6.3 billion theft on Thursday and an FBI attribution. How the breach happened, and how much can be recovered, aren't in this reporting.
Der Puls
- The FBI has publicly named North Korean hackers as responsible for a $6.3 billion crypto theft from Binance, calling it the largest on record.
- Crypto exchanges and analytics firms have been urged to freeze wallets tied to the stolen funds before they vanish.
- Investigators expect the hackers to convert holdings from Ethereum into other coins through DeFi platforms and instant swap services.
- Former President Trump said he was not concerned and that North Korea's involvement is still unknown, leaving the attribution contested.
- Experts warn the laundering could stretch over months, so the trail will be pursued long after the initial shock fades.
On a Saturday, the American investigative bureau placed its name on what it describes as the largest cryptocurrency theft ever recorded, a multibillion-dollar draining of Binance, the world's largest exchange, carried out in minutes. Attributing the act to North Korean hackers operating as TraderTraitor, the bureau points back to a $1.5 billion theft from Bybit as its precedent, and in doing so draws a line through the quiet history of state-linked digital robbery. Yet the claim stands alongside a former president's shrug and his admission that the truth is still being gathered, so the story hangs between accusation and proof. What remains is a patient race: the money must be followed, frozen, or allowed to dissolve into the long tail of the decentralized world.
On Saturday, the FBI announced that it holds North Korean hackers working under the name TraderTraitor responsible for draining billions of dollars from Binance, the world's largest crypto exchange. The bureau put the loss at $6.3 billion in Bitcoin and other digital currencies, describing it as the largest crypto theft in history. The breach had happened only days earlier, and some crypto experts had already suspected North Korean involvement before the FBI spoke.
The FBI also points to the same group's earlier attack on the exchange Bybit, a $1.5 billion heist, as part of its reasoning. Its immediate worry now is the money itself. The bureau has asked exchanges, analytics firms and other stakeholders to halt transactions linked to a list of wallet addresses, hoping to prevent the funds from being moved in ways that obscure their origin. Investigators say the hackers are mainly converting the assets into Ethereum and will likely try to swap them into other coins through decentralized platforms and instant swap services.
Crypto expert Ari Redbord suggested the hackers might split the funds into small pieces and push them through minor exchanges to avoid notice, a process that could take months. Not everyone is convinced. Speaking at a Halloween party at his Mar-a-Lago residence, former President Donald Trump said he was not concerned, that information was still being gathered, and that it was unknown whether North Korea was involved, though further investigation might confirm it. For now, the FBI's accusation and that open question sit side by side, and the coming months will show whether the freezes hold and where the funds surface.
On Saturday, the FBI named the group it holds responsible for what it calls the largest cryptocurrency theft in history. The bureau said North Korean hackers working under the name TraderTraitor drained billions of dollars from Binance, the world's largest crypto exchange, in a matter of minutes.
The figure attached to the theft is $6.3 billion in Bitcoin and other digital currencies. The breach happened on Thursday, earlier in the same week as the FBI's statement. Several crypto experts had already said, before the bureau spoke, that the attack showed signs of North Korean involvement.
The FBI also pointed to a precedent. TraderTraitor is the same group it says was behind a $1.5 billion theft from the exchange Bybit last year. That earlier heist is the main thread the bureau's attribution leans on in the reporting available so far.
The FBI's immediate concern is where the money goes next. It has asked crypto exchanges, blockchain analytics firms and other stakeholders to stop transactions tied to a list of digital wallet addresses, so the stolen funds cannot be moved in ways that hide their origin. According to the investigation, TraderTraitor is mainly converting the stolen assets into Ethereum. The bureau suspects the hackers will next try to swap those holdings into other cryptocurrencies, using decentralized finance platforms and instant swap services.
Crypto expert Ari Redbord described how that laundering might look. In his assessment, the hackers could break the stolen assets into smaller portions and run them through smaller exchanges to stay under surveillance. He said the process could stretch over several months, which means tracing and freezing efforts may continue long after the theft itself.
Public confidence in the attribution was not unanimous. Speaking on Saturday night at a Halloween party at his Mar-a-Lago residence in Florida, former President Donald Trump was asked about the incident. He said he was not concerned, that information was still being gathered, and that it was not known whether North Korea was involved. He added that further investigation might confirm their role.
So the record currently holds two positions side by side: an FBI statement placing the blame on TraderTraitor, and a former president saying the question is open. What to watch is whether the wallet freezes the FBI requested take hold, and whether the funds begin to surface in the DeFi platforms, instant swap services and smaller exchanges that investigators expect the hackers to use.
Bemerkenswerte Zitate
I'm not concerned. We are gathering information. We don't know if North Korea is involved or not.— Donald Trump, at a Mar-a-Lago Halloween party
The hackers might split the stolen assets into smaller portions and move them through smaller exchanges, a process that could take months.— Ari Redbord, crypto expert (paraphrased)
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