FBI Charges North Korea with Stealing $6.3 Billion from Binance

The U.S. Federal Bureau of Investigation (FBI) has charged North Korea with responsibility for stealing $6.3 billion from cryptocurrency trading platform Binance in the largest breach of its kind in the sector's history.

The bureau confirmed in its statement that the perpetrators were detected laundering the stolen assets by converting them primarily into Ethereum, attributing the operation to a group named TraderTraitor — the same group accused of stealing $1.5 billion from Bybit platform in February.

The bureau clarified that the stolen assets are likely to undergo additional money-laundering stages, calling on digital asset service providers to block transactions linked to specific digital addresses it listed in its statement.

For its part, Binance — which operates the world's largest cryptocurrency exchange — announced separately in a statement issued Saturday that it covered 90% of the stolen amount using company funds to purchase new tokens, while the remaining 10% remains tied to less liquid tokens that may take longer to purchase. The company confirmed via X that it will bear the full financial impact without passing any losses to users.

The coverage came from the SAFU fund — a Bitcoin reserve that Binance maintains to protect customers in the event of security breaches — along with a portion of its futures insurance fund and company treasury.

Co-Chief Executive Officer Richard Teng revealed Friday that the breach was executed through a compromised laptop and malware designed to cover its tracks, making it difficult to trace and investigate the operation. Binance suspended withdrawals following the breach before later announcing it would reopen them on Sunday.

Binance also announced deployment of a new reserve proof snapshot allowing users to independently verify that their assets are backed at a ratio no less than 1:1. Cryptocurrency prices declined Friday amid the platform's efforts to reassure its customers.