North Korea linked to massive Binance crypto heist

Terrence O'Brien

is the Verge’s weekend editor. He’s covered the tech industry for over 18 years and knows a thing or two about synths.

The FBI says North Korea was behind the massive $6.3 billion crypto heist that hit Binance on October 29th. The FBI labeled the activity “TraderTraitor” and said that it had observed actors it has connected to hack converting the tokens to Ethereum and preparing for further laundering of the funds. The agency offered few other details or evidence. The statement says:

North Korea Responsible for $6 Billion+ Binance Attack

The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026. The FBI refers to this specific North Korean malicious cyber activity as “TraderTraitor.”

The FBI, together with partners at the USSS and IRS-CI, has observed TraderTraitor actors converting stolen assets primarily into Ethereum (ETH). It is expected these assets will then be further laundered by converting them using DeFi and instant swap services as they prepare them for further laundering stages.

As expected, Binance reopened customer withdrawals today after freezing them in the immediate aftermath of the hack.

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• Terrence O'Brien