FBI links North Korean hackers to biggest crypto heist in history; Trump questions claim

The FBI has blamed North Korean hackers for the theft of $6.3 billion in cryptocurrency from Binance, the world's largest crypto exchange, in what is being described as the biggest crypto heist in history. However, US President Donald Trump has said investigators are yet to establish whether Pyongyang was behind the attack.In a statement on Saturday, the FBI linked the attack to “malicious cyber activity” by a group identified as TraderTraitor. The same group was also held responsible for a $1.5 billion hack targeting crypto exchange Bybit last year.According to the FBI, TraderTraitor has been converting the stolen assets primarily into Ethereum. Investigators expect the hackers to use decentralised finance (DeFi) platforms and instant cryptocurrency swap services to move the funds and conceal their origins, AP reported.However, Trump appeared to cast doubt on the attribution when questioned by reporters during a Halloween party at his Mar-a-Lago estate in Florida on Saturday night.“I’m not concerned. We’re learning about it,” Trump said, adding that investigators did not yet know whether North Korea was involved. He did not rule out the possibility that the country could eventually be identified as responsible.Ari Redbord, chief policy officer at blockchain intelligence firm TRM Labs, said the hackers could split the stolen cryptocurrency into smaller amounts and route it through multiple exchanges to avoid detection. The laundering process could continue for months, he said.“It’s bank robbery, in this case, at the speed of the Internet,” Redbord said, adding that blockchain technology also allows investigators to track the movement of stolen funds in real time, potentially helping them disrupt transactions and recover the money.The $6.3 billion theft, involving Bitcoin and other digital currencies, came to light on Thursday. Several cryptocurrency experts had earlier pointed to indicators suggesting North Korean involvement.Binance said on Saturday that it had sufficient reserves in the same digital currencies that were stolen to cover 90% of the missing assets. The exchange also assured customers that they would receive full reimbursement.You use AI every day. Now get your AI Quotient. Take the AIQ test.