President Donald Trump is looking into the possibility of North Korean involvement in the recent $6.3 billion hack of Binance, the world's largest cryptocurrency exchange.
On October 30, Trump responded to a question in the Oval Office about whether the Binance hack appeared to be the work of North Korean hackers, saying, "We don’t know yet, but we are looking into it."
The hack occurred on October 29, resulting in unauthorized withdrawals of cryptocurrency. This incident marks the largest single hacking loss in the cryptocurrency sector, surpassing the $1.5 billion loss from the Bybit hack last February.
Blockchain analysis firm TRM Labs has identified a North Korean hacking group known as 'TraderTraitor' as a potential perpetrator. According to TRM Labs, the attackers stole approximately $6.36 billion from ten blockchains, with most of the funds disappearing within 20 minutes. However, law enforcement has not officially confirmed North Korea's involvement.
When asked about the prospects of recovering the stolen funds, Trump stated, "They say they will get it back." He also highlighted the risks associated with cryptocurrency, noting, "You never know where the money goes, and that’s why I’ve always thought cryptocurrency is a bit risky."
Binance reported that it has frozen about $3 billion of the stolen assets. Following the hack, all deposits and withdrawals were temporarily halted. Binance has pledged to fully compensate for the losses incurred from this incident. Co-CEO Yi He indicated that withdrawals are expected to resume on November 1.
The FBI and the United States Secret Service (USSS) have also launched a collaborative investigation. The FBI issued a statement acknowledging awareness of the incident and stated that it is working with relevant public and private partners to assess the scope of the activities and potential impacts while coordinating appropriate investigative measures.
* This article has been translated by AI.
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