US Blames North Korea for History’s Worst Crypto Hack

In practice, the Federal Bureau of Investigation (FBI) notes North Korea was behind this week's $6.3 billion hack of Binance, the largest cryptocurrency theft in history.

Key points

• Binance notes Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD, and Zcash balances are already 100% backed.
• Working with the US Secret Service and the IRS Criminal Investigation division, the FBI remarked it watched the hackers convert the stolen assets mainly into Ethereum.
• Blockchain analytics firms TRM Labs and Chainalysis had already linked the attack to TraderTraitor, additionally tied to the Lazarus Group, before the FBI's announcement.
• It stay connected to the internet, on the afternoon of October 29 (US Eastern Time).
• In a cyber alert issued on Saturday, the bureau blamed a North Korean state-backed hacking unit known as TraderTraitor.

North Korea now holds the record for both the biggest and second-biggest crypto hacks ever. The same group was behind the $1.5 billion theft from the Bybit exchange last year. Binance Hit by Possibly the Biggest Hack in Crypto History.

Binance notes its users will not lose capital. The exchange has already replaced regarding 90% of the stolen assets with its own funds.

"The FBI is releasing information advising the Democratic People's Republic of Korea was responsible for the theft of more than $6 billion in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026, " the bureau remarked.

Working with the US Secret Service and the IRS Criminal Investigation division, the FBI remarked it watched the hackers convert the stolen assets mainly into Ethereum. It expects them to launder the funds further through decentralized finance (DeFi) platforms and instant crypto-swap services.

Meanwhile, the agencies asked crypto exchanges, blockchain operators, analytics firms, and other virtual asset service providers to block transactions linked to wallet addresses applied by the North Korean hackers. How the Hack Happened.

Funds began leaving Binance's hot wallets. It stay connected to the internet, on the afternoon of October 29 (US Eastern Time). The funds moved throughout a number of blockchains within minutes.

Binance co-CEO Richard Teng called it a "complex attack." He remarked it involved a compromised laptop and malicious software designed to delete evidence of its activity, making the breach harder to trace.

Blockchain analytics firms TRM Labs and Chainalysis had already linked the attack to TraderTraitor, additionally tied to the Lazarus Group, before the FBI's announcement. Chainalysis remarked stolen Binance funds mixed on-chain with capital taken in last month's Bitget hack. It was additionally blamed on North Korea. It estimated that regarding $2.8 billion of the stolen assets has been frozen. What This Means for You.

If you hold crypto on Binance, the exchange notes you will not bear the loss. "We've now replenished 90% of the stolen assets, and we're committed to covering the remaining 10%. Our users will not bear the financial impact of this incident, " Teng remarked on X.

Binance notes Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD, and Zcash balances are already 100% backed. The remaining 10% consists of less liquid tokens that will take longer to purchase back.

To cover the gap, Binance set aside regarding $6.34 billion of business funds. It drew on part of its $1 billion Secure Asset Fund for Users (SAFU), its Futures Insurance Fund, and its corporate treasury.

Withdrawals were paused after the hack. Binance notes it is on track to reopen them on Sunday, subject to final security checks.

Since scammers often target users after major hacks, users should expect feasible delays and should only rely on Binance's official channels for updates.

Meanwhile, the bigger picture is worrying. At $6.3 billion, this single theft is more than four times the size of the Bybit hack. It demonstrates that even the world's largest exchange is not immune to state-backed attackers. Pakistan Gets New Power to Block Crypto-Linked Terror Financing. North Korea's Record of Crypto Theft.

Notably, the FBI has previously accused North Korean hackers of a number of of the biggest crypto heists. These include the $1.5 billion Bybit theft last year and the 2022 theft of $620 million in cryptocurrency.

Experts say Kim Jong Un's administration relies on cyber theft to raise capital for the heavily sanctioned regime. As reports indicate, north Korea recruits top students from its universities into hacking groups overseen by its intelligence agency.

Binance has a growing presence in Pakistan. It received an NOC to commence the local registration process last year. ProPakistani first documented on the suspected Binance hack earlier this week. Stay Connected with ProPakistani.

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In short, US Blames North Korea for History's Worst Crypto Hack is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.