Eric Schiffer, president of Patriarch and Reputation Management Consultants, warns that the $6.3 billion Binance hack could signal a wave of cyberattacks. The FBI said on Saturday that North Korean hackers were responsible for stealing more than $6 billion in cryptocurrency from Binance this week, linking one of the largest digital asset thefts in history to the Pyongyang regime. The announcement marks the first public confirmation by US federal investigators of North Korea’s role in the attack, following earlier assessments by private cybersecurity investigators. The FBI identified North Korea’s cyber activity as “TraderTraitor,” saying hackers stole more than $6 billion in virtual assets from Binance, the world’s largest cryptocurrency exchange, on Thursday. The FBI said it and its partners from the US Secret Service and IRS Criminal Investigation observed the hackers converting stolen assets primarily into Ethereum (ETH). EXPERT WARNS OF ‘AI HACKING BLOODBATH’ FOLLOWING MASSIVE BINANCE CRYPTOCURRENCY THEFT The FBI attributed the theft of more than $6 billion in Binance cryptocurrency to North Korean cyber activity known as “TraderTraitor.” (KCNA via Reuters/Reuters) Authorities said they expect assets to be laundered further through decentralized finance (DeFi) platforms and instant cryptocurrency exchange services. Federal officials are now urging cryptocurrency exchanges, blockchain analytics firms and other digital asset service providers to block transactions involving wallet addresses linked to stolen funds to prevent hackers from moving or laundering the assets. President Donald Trump also addressed the breach on Saturday, saying his administration was still gathering information about North Korea’s possible involvement. Hackers. “I’m not worried. We’re learning about this. We don’t know if it’s North Korea, but if it is, we’ll talk to them about it,” Trump told reporters. SOCIAL SECURITY FIXES NEARLY 50 MILLION RECORDS IN LARGEST SSN CLEANUP IN AGENCY’S HISTORY Binance temporarily suspended deposits and withdrawals following a security incident that founder Changpeng Zhao said appeared to be a hack. (Omar Marques/SOPA Images/LightRocket via Getty Images/Getty Images) Binance said on Saturday it had replaced about 90% of the stolen assets, covering about $6 billion of the estimated $6.3 billion loss. The exchange said major cryptocurrencies including Bitcoin, Ethereum, Tether and BNB were fully supported, while it continued to purchase less liquid tokens through market and over-the-counter transactions. “Binance will absorb the financial impact of these stolen funds, not I see this as one of the world’s biggest thefts of all time, and it’s sad,” Schiffer said. DOWNLOAD THE FOX NEWS APP President Donald Trump said his administration was examining whether North Korea was responsible for the massive attack on the Binance cryptocurrency. (Reuters/Evan Vucci/Reuters) He warned that the incident could be the start of a broader wave of increasingly sophisticated cyberattacks, particularly as artificial intelligence becomes more powerful. “I think the bloodbath of AI hacking is coming,” he said. “And there will be a lot more pain.”
