Trump to Review $6.3 Billion Binance Hack Linked to North Korea
President Donald Trump has stated that he will review the recent hack of Binance, which is being described as the largest cryptocurrency theft in history. This incident involved the loss of approximately $6.3 billion in digital assets from Binance hot wallets on October 29, 2026. The breach occurred rapidly, with hackers allegedly draining the wallets in about 20 minutes, raising alarms about the security of digital assets.
The attack has been linked to TraderTraitor, a North Korean hacking group associated with the notorious Lazarus Group, known for its involvement in high-profile cybercrimes. Investigations suggest that the breach was facilitated by a compromised laptop belonging to a DevOps engineer, which allowed unauthorized access to the company's assets.
In response to the hack, Binance acted swiftly to halt all withdrawals as soon as the breach was detected. The exchange has pledged to utilize its Secure Asset Fund for Users (SAFU) and corporate treasury to cover the losses incurred. The total amount allocated for recovery efforts exceeds $6.34 billion, slightly surpassing the estimated stolen amount. Additionally, around $3 billion in assets, primarily stablecoins, have been frozen by various issuers and partners, including World Liberty Financial, as part of the effort to secure the funds.
Cleared to File
Binance's leadership, including Co-CEOs Yi He and Richard Teng, along with founder Changpeng Zhao, are actively managing the response to the incident. They have assured users that their funds remain safe and are targeting a resumption of withdrawals within 45 hours. The exchange is collaborating with law enforcement agencies to expedite this process.
Trump's decision to review the situation underscores the broader implications of the hack, particularly given its attribution to a state-linked group. The intersection of cybersecurity and national security is becoming increasingly significant, as incidents like these highlight vulnerabilities in the digital asset space. Following the announcement, cryptocurrency prices experienced a decline, reflecting market concerns over the incident and its potential fallout.
