President Donald Trump says the US would contact North Korean officials if investigators confirm Pyongyang was behind the Binance hack. The breach drained approximately $6.3 billion, and the FBI has already backed an attribution to the TraderTraitor group.
Trump said the US would reach out to North Korean officials if the link to Pyongyang is confirmed. The hack drained approximately $6.3 billion from Binance, the world's largest crypto exchange.
He made the remarks on October 30 and 31, as fallout from the October 29 breach spread. Trump framed outreach to North Korean authorities as conditional on confirmation.
FBI backs attribution to TraderTraitor
The attackers took assets spread across ten different blockchains, and most of the funds moved in about 20 minutes. TRM Labs and Chainalysis named TraderTraitor as the suspect, a North Korean state-sponsored hacking group tied to earlier attacks, including the Bybit breach in 2025.
On October 31, the FBI backed that attribution and urged industry participants to block wallet addresses linked to the operation. A substantial portion of the stolen assets has reportedly been converted primarily to Ethereum.
Binance covers losses and freezes funds
Binance says it is using roughly $6.34 billion in corporate resources to cover about 90% of the stolen assets. The exchange also froze affected accounts, working with stablecoin issuers, and about $2.7 billion in stablecoins has been frozen.
By early November, Binance began cautiously resuming withdrawals.
A bigger haul than Bybit
TraderTraitor has been connected to the roughly $1.5 billion Bybit theft in February 2025. The Binance haul is more than four times that size and nearly doubles North Korea's known proceeds from comparable operations.
Trump's conditional pledge moves a crypto security incident into state-to-state relations, and the FBI's attribution already supplies much of the confirmation he described.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
