President Donald Trump said Friday his administration is investigating the $6.3 billion hack of cryptocurrency exchange Binance, the largest such theft on record.
When asked in the Oval Office whether North Korean hackers were responsible, Trump said, "We don’t know." He added, "We’re looking at that."
North Korea-Linked Group Suspected in Binance Crypto Hack
Blockchain intelligence firms TRM Labs and Chainalysis said TraderTraitor, a North Korea-based cybercrime group, appears to be behind the attack.
TRM Labs said the incident matches earlier North Korea-linked thefts, including last year’s $1.5 billion hack of exchange Bybit.
Funds began leaving Binance wallets Thursday afternoon. The attacker moved assets across several blockchains, including XRP Ledger (CRYPTO: XRP), Ethereum (CRYPTO: ETH), Bitcoin (CRYPTO: BTC), Tron (CRYPTO: TRX) and Solana (CRYPTO: SOL). Much of it happened in a 20-minute span, TRM Labs said.
Trump said the theft shows the risks of digital assets. "It’s a hack," he said. "These are different people, never see the money anymore. So I’ve always felt it was a little bit dangerous."
Trump said Binance told officials the situation is "pretty much under control."
Binance Pledges to Cover Losses as Frozen Assets Reach $3 Billion
Binance suspended all deposits and withdrawals. Crypto firms froze about $3 billion in assets tied to the incident.
Binance said it will cover all losses. On Friday, Co-CEO Richard Teng said in a video on X that the company is working with law enforcement and "working nonstop to resolve this, to make the users whole."
Co-founder Yi He said withdrawals are expected to resume by Sunday.
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