Trump Comments on Binance Hack, Questions North Korea’s Role
Trump addressed the Binance hack, stating that the U.S. is investigating possible North Korean involvement.
FILE, Oct 31: U.S. President Donald Trump stated that the investigation into a recent hack affecting Binance, the world’s largest cryptocurrency exchange, is ongoing. He underscored uncertainty about North Korea’s responsibility for the breach, saying, ‘We don’t know’ if they were involved.
The hack reportedly resulted in the theft of over $6 billion, making it the largest cryptocurrency theft to date. A U.S.-based blockchain intelligence firm has linked the breach to a North Korean hacking unit known as TraderTraitor. The firm, TRM, expressed high confidence in this attribution, stating, ‘Several features of this attack match earlier North Korea-linked heists.’
In response to the hack, Binance announced that it had worked with blockchain partners to freeze approximately $3 billion in affected assets. Withdrawals from the platform have been suspended but are expected to resume shortly. The exchange reassured users that deposits remained unaffected and that it would cover any losses incurred.
The hack is believed to have been executed quickly, with an attacker moving funds from Binance wallets across ten blockchains in a matter of minutes. Experts suggest that North Korea has increasingly engaged in cryptocurrency hacking as a means to secure foreign currency for its struggling economy.
Binance’s founder, Changpeng Zhao, acknowledged the breach on social media, emphasizing that user funds are safe. He noted that while he no longer manages Binance, he expects the company to fully cover user losses.
As investigations continue, some cybersecurity experts have raised concerns about internal security protocols at Binance. They noted that the attack could coincide with a lapse in the approval controls for accessing Binance’s hot wallets, which store user private keys. Binance, however, has asserted that it found no indication of a private key leak and intends to provide more details following its investigation.
Sources
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.