The FBI has stated that cybercriminals connected to North Korea are responsible for a massive digital currency theft this week, making off with $6.3 billion from Binance. Following the reopening of transactions on the exchange, users withdrew a net total of $3.64 billion. The bureau pointed to a suspected group known as TraderTraitor, though North Korea has denied any involvement.
Binance described the incident as the largest digital-coin theft in history. The platform announced it has successfully frozen approximately $3 billion of the stolen funds and intends to use company reserves to cover the entirety of the losses.
The FBI linked the North Korea crypto heist to North Korea
In its assessment, the FBI blamed North Korea-associated hackers for the breach and called on private businesses to block any transactions linked to the money-laundering operations of TraderTraitor. According to the bureau, the collective is actively converting the bulk of the pilfered assets into Ethereum to obscure their tracks.
As reported by France 24, North Korea dismissed the accusations, labeling the claims made by the United States as “absurd rhetoric.” While US officials have pointed fingers at the nation, this accusation does not constitute a formal legal finding of criminal guilt.
Binance customers withdrew $4.6 billion after trading resumed
Once Binance restored transaction capabilities on Sunday for Bitcoin, Ethereum, and alternative digital assets, users pulled out upward of $4.6 billion. With deposits totaling just over $1 billion during the same window, the net outflow reached $3.64 billion.
According to the exchange, these withdrawals accounted for 2.1% of Binance’s total assets, which sit at $171 billion. The platform currently serves more than 300 million users worldwide.
Binance said it would cover the full loss
Binance confirmed that corporate funds will absorb the entire deficit. By early Sunday morning, the exchange reported that about 95% of the affected amount had already been addressed.
In a public statement released early Monday, cofounder Yi He emphasized that the primary focus was ensuring system security before permitting user withdrawals and bringing operations back online. Transactions had been restricted prior to the reopening of the platform.
CBS News noted that despite the sheer volume of capital removed by customers, the withdrawals represented only a minor fraction of Binance’s overarching asset pool.
TraderTraitor was linked to an earlier $1.5 billion attack
Investigators have also tied TraderTraitor to a February 2025 security breach targeting the Bybit crypto exchange, which suffered a $1.5 billion loss. Law enforcement has now connected this suspected cell to both major incidents.
While Binance noted that roughly $3 billion has been secured, the FBI cautioned that TraderTraitor is funneling much of the remaining capital into Ethereum. The ultimate success of freezing additional funds hinges on how swiftly private firms comply with the bureau’s requests to block tainted transactions.
FAQ
When did the Binance theft happen?
The incident occurred during the week leading up to November 3, 2026. Transactions resumed on Sunday, prompting customers to withdraw more than $4.6 billion.
How much did Binance customers withdraw after the hack?
Users withdrew over $4.6 billion against deposits of slightly more than $1 billion, yielding a net outflow of $3.64 billion.
Who did the FBI say was behind the Binance heist?
The FBI attributed the cyberattack to North Korea and pointed to a specific group called TraderTraitor. North Korea has formally denied these claims.
What happened to the stolen crypto?
Binance reported freezing roughly $3 billion of the stolen funds. Meanwhile, the FBI stated that TraderTraitor is converting the majority of the remaining assets into Ethereum.
What earlier attack was linked to TraderTraitor?
The FBI connected TraderTraitor to a February 2025 security breach at the Bybit crypto exchange, which resulted in a $1.5 billion loss.
Frequently Asked Questions
- Is this financial advice? No, this article is for informational purposes only and does not constitute financial advice.
