US President Donald Trump said his administration is examining whether North Korean hackers were responsible for the $6.3 billion cyberattack on Binance, the world's largest cryptocurrency exchange.
Speaking to reporters in the Oval Office on Friday, October 30, Trump was asked if North Korea was behind the attack. He said the US had not reached a conclusion and was still examining the possibility.
“We don’t know. We’re looking at that,” Trump told reporters.
Deep Dive
Has the US confirmed North Korea was behind the Binance crypto hack?
Why do investigators suspect North Korean hackers in the Binance theft?
How is Binance responding to the $6.3 billion hack?
The attack has raised fresh concerns about cryptocurrency security after Binance suffered what has been described as the biggest theft in the history of the digital asset industry.
North Korean hacking groups have previously been linked to major cryptocurrency thefts. US authorities and cybersecurity experts have accused them of targeting digital asset companies to steal funds.
Binance freezes billions in stolen crypto after major hack
Following the attack, Binance temporarily stopped withdrawals and said it would cover the losses. The company also shared an update on X, stating that around $3 billion in cryptocurrency had been frozen across blockchain networks.
Binance co-founder Yi He said withdrawals were expected to resume by Sunday.
{{/usCountry}}Binance co-founder Yi He said withdrawals were expected to resume by Sunday.
{{/usCountry}}Trump also commented on the exchange's response, saying the company had told him the situation was largely under control.
“They’re saying they’re guaranteeing it or something,” Trump said.
He also questioned the safety of digital currencies, comparing them with traditional payments.
“It was a hack. That’s the problem. You know the old-fashioned way when you used to sign a check, take it out. These are different people. Never see the money anymore. So I’ve always felt it was a little bit dangerous.”
“They say they have it pretty much under control,” he added.
Also Read: Binance says $6.3 billion crypto heist was a complex attack, and not just 1 compromised laptop
Trump's ties to Binance draw attention after hack
The incident has also brought attention to Binance's past business connections with companies linked to Trump and his family.
According to Bloomberg, Binance helped develop a stablecoin for a company co-founded by Trump and his sons. The exchange's co-founder and former CEO, Changpeng Zhao, also received a presidential pardon from Trump in 2025. Zhao had earlier pleaded guilty to failing to maintain proper anti-money laundering controls at Binance.
The attack comes at a time when cryptocurrency companies are trying to expand their role in traditional financial markets. It has also raised concerns about the security risks facing the industry as digital assets become more widely used.
Also Read: Binance founder CZ tells Elon Musk to stop mocking $6.3 billion crypto hack: 'Bad time to troll'
Why North Korea is being investigated?
North Korea has repeatedly faced accusations from Western governments of using cyberattacks to steal cryptocurrency and generate money for its weapons programmes.
US authorities and cybersecurity experts have previously linked North Korean hacking groups to some of the largest cryptocurrency thefts.
Trump has also spoken about the possibility of renewed contact with North Korean leader Kim Jong Un. He had suggested in recent weeks that a meeting could take place this year, although he later played down the chances of such talks.
Earlier this month, Trump said he was "not sure that anybody’s asking for a meeting."