North Korea on Tuesday (Nov 3) strongly rejected US allegations linking it to the theft of $6 billion from cryptocurrency exchange Binance, accusing Washington of trying to damage its international reputation. Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, described the allegations as a “grave political provocation”.In a statement released by the state-run KCNA news agency on Tuesday, she dismissed the FBI’s claims as “absurd rhetoric and nothing new”, arguing that Washington was attempting to portray Pyongyang as responsible for cybercrimes across the world.Kim Yo Jong said the latest allegations had once again confirmed Washington’s hostility towards North Korea.“We have issues to reconsider in diverse aspects as regards the very unpleasant US hostile attitude,” she added.<h2>What did FBI accuse?</h2>The Federal Bureau of Investigation (FBI) said on Saturday (Oct 31) that a North Korea-affiliated hacking group, known as TraderTraitor, was responsible for the Binance attack. The same group was previously blamed for stealing $1.5 billion from cryptocurrency platform Bybit in February last year. That incident was considered the largest cryptocurrency theft until the latest Binance hack.Kim accused the US of using the allegations to undermine North Korea’s standing internationally.“This is a sinister attempt to damage the international image of the DPRK and undermine its dignity and national prestige and another grave violation of the sovereignty of the DPRK,” she said.She also insisted that Pyongyang opposed cybercrime, saying it was the government’s “consistent policy stand” to reject “all sorts of malicious acts in cyberspace”.<h2>What Trump said over North Korea’s involvement</h2>When asked about the hack, US President Donald Trump on Saturday (Oct 31) expressed uncertainty over North Korea’s involvement, saying that he was “not concerned”.“I’m not concerned. We’re learning about it. We don’t know if it’s North Korea,” Trump told reporters at his Florida residence.Trump has repeatedly signalled his willingness to engage with North Korean leader Kim Jong Un since returning to office, even expressing interest in meeting him this year. However, Pyongyang has remained silent on those overtures.

North Korea has rejected FBI allegations linking it to the $6 billion Binance hack, with Kim Yo Jong calling the accusations a "grave political provocation" and accusing Washington of hostility.

North Korea on Tuesday (Nov 3) strongly rejected US allegations linking it to the theft of $6 billion from cryptocurrency exchange Binance, accusing Washington of trying to damage its international reputation. Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, described the allegations as a “grave political provocation”. In a statement released by the state-run KCNA news agency on Tuesday, she dismissed the FBI’s claims as “absurd rhetoric and nothing new”, arguing that Washington was attempting to portray Pyongyang as responsible for cybercrimes across the world. Kim Yo Jong said the latest allegations had once again confirmed Washington’s hostility towards North Korea. “We have issues to reconsider in diverse aspects as regards the very unpleasant US hostile attitude,” she added. What did FBI accuse? The Federal Bureau of Investigation (FBI) said on Saturday (Oct 31) that a North Korea-affiliated hacking group, known as TraderTraitor, was responsible for the Binance attack. The same group was previously blamed for stealing $1.5 billion from cryptocurrency platform Bybit in February last year. That incident was considered the largest cryptocurrency theft until the latest Binance hack. Kim accused the US of using the allegations to undermine North Korea’s standing internationally. “This is a sinister attempt to damage the international image of the DPRK and undermine its dignity and national prestige and another grave violation of the sovereignty of the DPRK,” she said. She also insisted that Pyongyang opposed cybercrime, saying it was the government’s “consistent policy stand” to reject “all sorts of malicious acts in cyberspace”. What Trump said over North Korea’s involvement When asked about the hack, US President Donald Trump on Saturday (Oct 31) expressed uncertainty over North Korea’s involvement, saying that he was “not concerned”. “I’m not concerned. We’re learning about it. We don’t know if it’s North Korea,” Trump told reporters at his Florida residence. Trump has repeatedly signalled his willingness to engage with North Korean leader Kim Jong Un since returning to office, even expressing interest in meeting him this year. However, Pyongyang has remained silent on those overtures.

North Korea has rejected FBI allegations linking it to the $6 billion Binance hack, with Kim Yo Jong calling the accusations a "grave political provocation" and accusing Washington of hostility.

‘Grave provocation’: North Korea slams US after FBI alleges $6 billion Binance hack

The hack of Binance tops a year of standout cryptocurrency security events in 2026. The trading platform suffered the largest crypto heist on record. This is reopening the question of crypto safety. On October 29, the world's largest crypto exchange lost about $6.3 billion from its hot wallets. The attackers hit 10 blockchains, including Ethereum, Bitcoin, Tron, Solana and the XRP Ledger. Ethereum and Bitcoin were the worst hit. The FBI has blamed the North Korea-linked TraderTraitor group. Most of the wealth was wiped off in about 20 minutes, and the transfers continued for nearly four hours.<h2>Why Binance theft matters</h2>The Binance theft is about four times bigger than the nearly $1.5 billion Bybit hack in February 2025, which the FBI had also blamed on TraderTraitor. Binance first blamed a compromised engineer's laptop. The attackers got its hot-wallet signing systems to approve transfers to their own addresses. Binance later said investigators had found more points of breach.&nbsp;In September, the Bitget exchange lost about $388 million from its hot and warm wallets. Attackers compromised a backend wallet system and spoofed transaction data to get withdrawals approved. Bitget's CEO said North Korea was "very likely" behind it.<h2>Crypto safety: The fundamentals</h2>The promise of crypto, over a decade ago, was simple: Whoever holds the private key controls the coins; no one else can move them.Private keys are secret numbers, usually written as long alphanumeric strings. They control crypto addresses, or wallets. They are the fundamental control mechanisms for cryptocurrencies. There are now more advanced systems like multisig or smart-account authorisations too. Unauthorised transfer of cryptocurrencies is tough due to such cryptographic signatures, consensus rules, and the public ledger. On large blockchains like Bitcoin and Ethereum, reversing or altering ownership records is practically infeasible. Smaller chains are less secure.This means that if you alone control the private keys and use them correctly, the network enforces your ownership.<a href="https://www.wionews.com/videos/fbi-joins-investigation-into-binance-security-breach-1793435755029/embed">https://www.wionews.com/videos/fbi-joins-investigation-into-binance-security-breach-1793435755029/embed</a><h2>Where crypto ownership is not safe: The trading situation</h2>The vulnerabilities occur when crypto is traded, held on online platforms, or managed in personal wallets. Safety is hit via human processes, software, custody arrangements, and operational security. These aspects go beyond blockchain control.When you deposit or trade crypto on a centralised exchange like Binance, the exchange, not you, controls the private keys to the wallets holding customer funds. Hot wallets, which are used for liquidity and withdrawals, are linked to the internet. Any compromise of the infrastructure can hit them. This includes signing services, employee devices, compromised third-party tools, or weak internal processes. When any of these fail, the crypto wallets can be attacked at scale.Which is exactly what happened in the Binance and Bybit cases. In the Bybit attackk, hackers compromised a developer's machine at Safe{Wallet}, a third-party wallet provider.Users on online crypto exchanges basically hold an IOU from the platform. This is captured in the phrase, "not your keys, not your coins". But anything can go wrong: platform insolvency, internal fraud, or regulatory freezes.&nbsp;In other words, pure ownership on the blockchain cannot guarantee the safety of crypto held on a publicly traded platform.Also read: <a href="https://www.wionews.com/world/binance-covers-90-of-6-3-billion-crypto-hack-says-remaining-funds-may-take-time-1793543621869">Binance covers 90% of $6.3 Billion crypto hack, says remaining funds may take time</a><h2>Is your crypto safe if you don't trade on a platform?</h2>Tough to say. Self-custody via hardware or software wallets restores key control. But safety then depends on the user. There are several dangers lurking: phishing attacks, fake apps, malware that swaps addresses or extracts keys, or social-engineering attacks. Any of these can lead to permanent loss of your crypto. If an attacker obtains your private keys or seed phrase, it's game over. Remember: not your keys, not your coins.To some extent, hardware wallets reduce the risk of remote attacks. They keep keys offline. But they still carry physical, supply-chain or user-error risks.<h2>Dangers from decentralised finance</h2>Decentralised finance, or DeFi, lets users lend, borrow and trade crypto without a middleman. Bridges let them move crypto between blockchains. But these also introduce risks, such as code bugs, economic exploits, oracle manipulation, or even governance attacks.The blockchain will faithfully execute a malicious or buggy contract once a transaction is signed, because It cannot tell good code from bad.&nbsp;A user who signs a harmful approval can lose funds without realising it.Cross-chain bridges and complex DeFi protocols have been causes of major losses.Crypto transfers, once confirmed, are generally final. Once ownership goes, you cannot fully regain control. Some freezes are possible, mainly for stablecoins and tokens whose issuers can block addresses.Such freezes were applied within hours of the Binance hack. Tether froze about $971 million in USDT in the attacker's main wallet within the first hour. Circle and World Liberty Financial also froze tokens. About $3 billion has been frozen so far. This helped limit the damage, but often requires coordinated industry action, and full recovery is not certain.<h2>Can crypto exchanges fully restore lost crypto?</h2>Recovering the stolen coins themselves is rarely possible. But big crypto exchanges can make users whole from their own funds.Bybit did so in 2025. Binance has pledged to absorb the full loss. As of Sunday, it said it had covered about 95 per cent of the affected amount. This was made possible via its Secure Asset Fund for Users. SAFU is Binance's futures insurance fund and its corporate treasury.&nbsp;Restoration of funds to crypto owners depends on a trading firm's financial heft and willingness. Smaller platforms may not have such deep pockets as Binance.Also read: <a href="https://www.wionews.com/trending/binance-under-cyberattack-crypto-giants-freeze-more-than-2-5-billion-as-bitcoin-drops-over-3-what-s-happening-1793318378884">Binance under cyberattack? Crypto giants freeze more than $2.5 billion as Bitcoin drops over 3%. What's happening?</a><h2>Third-party platforms are the biggest dangers to your crypto safety</h2>For many, the whole point of crypto ownership is to trade it on open platforms for a profit, just like stocks. But once crypto moves through various operational systems, it is vulnerable to human and software interventions. Clearly, even the biggest platforms like Binance are vulnerable.What is the way out? One strong suggestion is self-custody. Your coins still rise and fall with the market. But moving them in and out of exchanges makes active trading slower and vulnerable.Careful key management and using reputable platforms with transparent reserves for trading is another suggestion. Many exchanges publish proof-of-reserves reports. But the latest attack has shaken faith as it involved the biggest platform.Crypto owners should check all possible security controls, such as hardware confirmation, multisig, and withdrawal whitelists. Treat requests to move funds with extreme caution. Never reveal your seed phrase to anyone.The Binance hack has shown that no system is risk-free.&nbsp;The blockchain's cryptographic guarantees cover only part of the risk. Once crypto is actively traded or custodied, it is a different story.

Binance lost nearly $6.3bn to allegedly North Korea-linked TraderTraitor hackers in the largest crypto heist on record. How safe is your crypto wallet?

The hack of Binance tops a year of standout cryptocurrency security events in 2026. The trading platform suffered the largest crypto heist on record. This is reopening the question of crypto safety. On October 29, the world's largest crypto exchange lost about $6.3 billion from its hot wallets. The attackers hit 10 blockchains, including Ethereum, Bitcoin, Tron, Solana and the XRP Ledger. Ethereum and Bitcoin were the worst hit. The FBI has blamed the North Korea-linked TraderTraitor group. Most of the wealth was wiped off in about 20 minutes, and the transfers continued for nearly four hours. Why Binance theft matters The Binance theft is about four times bigger than the nearly $1.5 billion Bybit hack in February 2025, which the FBI had also blamed on TraderTraitor. Binance first blamed a compromised engineer's laptop. The attackers got its hot-wallet signing systems to approve transfers to their own addresses. Binance later said investigators had found more points of breach. In September, the Bitget exchange lost about $388 million from its hot and warm wallets. Attackers compromised a backend wallet system and spoofed transaction data to get withdrawals approved. Bitget's CEO said North Korea was "very likely" behind it. Crypto safety: The fundamentals The promise of crypto, over a decade ago, was simple: Whoever holds the private key controls the coins; no one else can move them. Private keys are secret numbers, usually written as long alphanumeric strings. They control crypto addresses, or wallets. They are the fundamental control mechanisms for cryptocurrencies. There are now more advanced systems like multisig or smart-account authorisations too. Unauthorised transfer of cryptocurrencies is tough due to such cryptographic signatures, consensus rules, and the public ledger. On large blockchains like Bitcoin and Ethereum, reversing or altering ownership records is practically infeasible. Smaller chains are less secure. This means that if you alone control the private keys and use them correctly, the network enforces your ownership. https://www.wionews.com/videos/fbi-joins-investigation-into-binance-security-breach-1793435755029/embed Where crypto ownership is not safe: The trading situation The vulnerabilities occur when crypto is traded, held on online platforms, or managed in personal wallets. Safety is hit via human processes, software, custody arrangements, and operational security. These aspects go beyond blockchain control. When you deposit or trade crypto on a centralised exchange like Binance, the exchange, not you, controls the private keys to the wallets holding customer funds. Hot wallets, which are used for liquidity and withdrawals, are linked to the internet. Any compromise of the infrastructure can hit them. This includes signing services, employee devices, compromised third-party tools, or weak internal processes. When any of these fail, the crypto wallets can be attacked at scale. Which is exactly what happened in the Binance and Bybit cases. In the Bybit attackk, hackers compromised a developer's machine at Safe{Wallet}, a third-party wallet provider. Users on online crypto exchanges basically hold an IOU from the platform. This is captured in the phrase, "not your keys, not your coins". But anything can go wrong: platform insolvency, internal fraud, or regulatory freezes. In other words, pure ownership on the blockchain cannot guarantee the safety of crypto held on a publicly traded platform. Also read: Binance covers 90% of $6.3 Billion crypto hack, says remaining funds may take time Is your crypto safe if you don't trade on a platform? Tough to say. Self-custody via hardware or software wallets restores key control. But safety then depends on the user. There are several dangers lurking: phishing attacks, fake apps, malware that swaps addresses or extracts keys, or social-engineering attacks. Any of these can lead to permanent loss of your crypto. If an attacker obtains your private keys or seed phrase, it's game over. Remember: not your keys, not your coins. To some extent, hardware wallets reduce the risk of remote attacks. They keep keys offline. But they still carry physical, supply-chain or user-error risks. Dangers from decentralised finance Decentralised finance, or DeFi, lets users lend, borrow and trade crypto without a middleman. Bridges let them move crypto between blockchains. But these also introduce risks, such as code bugs, economic exploits, oracle manipulation, or even governance attacks. The blockchain will faithfully execute a malicious or buggy contract once a transaction is signed, because It cannot tell good code from bad. A user who signs a harmful approval can lose funds without realising it. Cross-chain bridges and complex DeFi protocols have been causes of major losses. Crypto transfers, once confirmed, are generally final. Once ownership goes, you cannot fully regain control. Some freezes are possible, mainly for stablecoins and tokens whose issuers can block addresses. Such freezes were applied within hours of the Binance hack. Tether froze about $971 million in USDT in the attacker's main wallet within the first hour. Circle and World Liberty Financial also froze tokens. About $3 billion has been frozen so far. This helped limit the damage, but often requires coordinated industry action, and full recovery is not certain. Can crypto exchanges fully restore lost crypto? Recovering the stolen coins themselves is rarely possible. But big crypto exchanges can make users whole from their own funds. Bybit did so in 2025. Binance has pledged to absorb the full loss. As of Sunday, it said it had covered about 95 per cent of the affected amount. This was made possible via its Secure Asset Fund for Users. SAFU is Binance's futures insurance fund and its corporate treasury. Restoration of funds to crypto owners depends on a trading firm's financial heft and willingness. Smaller platforms may not have such deep pockets as Binance. Also read: Binance under cyberattack? Crypto giants freeze more than $2.5 billion as Bitcoin drops over 3%. What's happening? Third-party platforms are the biggest dangers to your crypto safety For many, the whole point of crypto ownership is to trade it on open platforms for a profit, just like stocks. But once crypto moves through various operational systems, it is vulnerable to human and software interventions. Clearly, even the biggest platforms like Binance are vulnerable. What is the way out? One strong suggestion is self-custody. Your coins still rise and fall with the market. But moving them in and out of exchanges makes active trading slower and vulnerable. Careful key management and using reputable platforms with transparent reserves for trading is another suggestion. Many exchanges publish proof-of-reserves reports. But the latest attack has shaken faith as it involved the biggest platform. Crypto owners should check all possible security controls, such as hardware confirmation, multisig, and withdrawal whitelists. Treat requests to move funds with extreme caution. Never reveal your seed phrase to anyone. The Binance hack has shown that no system is risk-free. The blockchain's cryptographic guarantees cover only part of the risk. Once crypto is actively traded or custodied, it is a different story.

Binance lost nearly $6.3bn to allegedly North Korea-linked TraderTraitor hackers in the largest crypto heist on record. How safe is your crypto wallet?

Binance hack and the safety of cryptocurrency: How and why your wallet is under threat, and what you can do about it

Binance, the world's largest cryptocurrency exchange, claimed that it has covered 90 per cent of the $6.3bn (£4.7bn) in assets stolen in a hack that took place on Thursday. The company added that the remaining 10 per cent of the stolen amount may take longer to source in the required amounts. Binance has often promised to cover every dollar lost in what is suspected to be crypto's biggest hack on record, revealing that it has set aside over $6.34bn of its own funds to do so. The company said in the statement on Saturday that Binance will absorb the financial impact of these stolen funds, not the users. By Sunday, Binance reported that withdrawals had resumed across several of its networks after being paused in the wake of the breach, following its earlier promise to restore access in stages. On Saturday, the FBI formally attributed the attack to North Korea.&nbsp;Also read: <a href="https://www.wionews.com/india-news/india-to-host-indian-ocean-rim-association-foreign-ministers-in-new-delhi-1793538287700">India to host Indian Ocean Rim Association foreign ministers in New Delhi</a><h3>US President Donald Trump responds</h3>According to the FBI, investigators tracked the hackers converting the stolen funds into Ethereum, with further conversions expected through decentralised finance platforms and instant swap services. Before the FBI’s statement, two separate blockchain analytics firms stated that they had strong evidence linking the theft to the Lazarus Group — North Korea’s state-sponsored hacking unit also known as TraderTraitor, which the FBI went on to name explicitly. Meanwhile, in response, US President Donald Trump said the US is unsure who the culprits really are. "We're learning about it. We don't know if it's North Korea - but if it is, we'll talk to North Korea about it," he said. Binance claimed that the company had replenished the stolen assets using multiple funds and its own corporate treasury. All holdings of the cryptocurrencies Bitcoin, Ethereum and Tether have been covered, along with seven other widely-traded crypto assets.

Binance has often promised to cover every dollar lost in what is suspected to be crypto's biggest hack on record, revealing that it has set aside over $6.34bn of its own funds to do so.

Binance, the world's largest cryptocurrency exchange, claimed that it has covered 90 per cent of the $6.3bn (£4.7bn) in assets stolen in a hack that took place on Thursday. The company added that the remaining 10 per cent of the stolen amount may take longer to source in the required amounts. Binance has often promised to cover every dollar lost in what is suspected to be crypto's biggest hack on record, revealing that it has set aside over $6.34bn of its own funds to do so. The company said in the statement on Saturday that Binance will absorb the financial impact of these stolen funds, not the users. By Sunday, Binance reported that withdrawals had resumed across several of its networks after being paused in the wake of the breach, following its earlier promise to restore access in stages. On Saturday, the FBI formally attributed the attack to North Korea. Also read: India to host Indian Ocean Rim Association foreign ministers in New Delhi US President Donald Trump responds According to the FBI, investigators tracked the hackers converting the stolen funds into Ethereum, with further conversions expected through decentralised finance platforms and instant swap services. Before the FBI’s statement, two separate blockchain analytics firms stated that they had strong evidence linking the theft to the Lazarus Group — North Korea’s state-sponsored hacking unit also known as TraderTraitor, which the FBI went on to name explicitly. Meanwhile, in response, US President Donald Trump said the US is unsure who the culprits really are. "We're learning about it. We don't know if it's North Korea - but if it is, we'll talk to North Korea about it," he said. Binance claimed that the company had replenished the stolen assets using multiple funds and its own corporate treasury. All holdings of the cryptocurrencies Bitcoin, Ethereum and Tether have been covered, along with seven other widely-traded crypto assets.

Binance has often promised to cover every dollar lost in what is suspected to be crypto's biggest hack on record, revealing that it has set aside over $6.34bn of its own funds to do so.

Binance covers 90% of $6.3 Billion crypto hack, says remaining funds may take time

US President Donald Trump said Friday that the United States was investigating whether North Korean hackers were responsible for a massive cyberattack on cryptocurrency exchange Binance."We're looking at that," Trump told reporters in the Oval Office when asked whether the attack should be attributed to a North Korean hacker group. "It was a hack."Binance said Friday that it was working to address a "complex attack" that affected approximately $6.3 billion in funds. The incident is believed to be the largest cryptocurrency heist ever recorded, with investigators pointing towards hackers linked to North Korea.Blockchain investigation firm TRM Labs said it had "high confidence" that the attack was carried out by TraderTraitor, a hacking group affiliated with North Korea. The same group has been blamed for stealing $1.5 billion from cryptocurrency platform Bybit in February last year.Another blockchain analytics firm, Elliptic, also linked the attack to North Korean hackers, according to industry publication CoinDesk.Binance, the world's largest cryptocurrency exchange by daily trading volume, said its investigation had "uncovered additional points of breach." This differed from its initial findings, which indicated that the attack involved a single compromised laptop."This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it," Binance said in a post on X.The company also confirmed through its Latin America X account that "the total estimated impact is around $6.3 billion." This is approximately four times the amount stolen in the Bybit hack, which was previously considered the largest cyberattack of its kind.Binance cautioned that the estimated financial impact "may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets."The cryptocurrency exchange also reported that approximately $3 billion worth of affected assets had been frozen.

US President Donald Trump says Washington is investigating a possible North Korean link to the $6.3 billion Binance crypto hack, with $3 billion frozen

US President Donald Trump said Friday that the United States was investigating whether North Korean hackers were responsible for a massive cyberattack on cryptocurrency exchange Binance. "We're looking at that," Trump told reporters in the Oval Office when asked whether the attack should be attributed to a North Korean hacker group. "It was a hack." Binance said Friday that it was working to address a "complex attack" that affected approximately $6.3 billion in funds. The incident is believed to be the largest cryptocurrency heist ever recorded, with investigators pointing towards hackers linked to North Korea. Blockchain investigation firm TRM Labs said it had "high confidence" that the attack was carried out by TraderTraitor, a hacking group affiliated with North Korea. The same group has been blamed for stealing $1.5 billion from cryptocurrency platform Bybit in February last year. Another blockchain analytics firm, Elliptic, also linked the attack to North Korean hackers, according to industry publication CoinDesk. Binance, the world's largest cryptocurrency exchange by daily trading volume, said its investigation had "uncovered additional points of breach." This differed from its initial findings, which indicated that the attack involved a single compromised laptop. "This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it," Binance said in a post on X. The company also confirmed through its Latin America X account that "the total estimated impact is around $6.3 billion." This is approximately four times the amount stolen in the Bybit hack, which was previously considered the largest cyberattack of its kind. Binance cautioned that the estimated financial impact "may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets." The cryptocurrency exchange also reported that approximately $3 billion worth of affected assets had been frozen.

Trump says the US is investigating North Korea's possible role in a $6.3 billion Binance hack, with around $3 billion in affected assets frozen

Trump says US 'looking at' possible North Korean role in $6.3 billion Binance crypto heist

A North Korean cyber gang is reportedly behind Binance’s $6.3 billion hack. According to TRM Labs, "the largest bank heist in history" was the work of hackers belonging to the state-sponsored Lazarus Group. TraderTraitor, affiliated with Lazarus, broke into a Binance engineer’s laptop and gained control of billions of dollars worth of crypto in under 30 minutes.&nbsp;The heist has sent the crypto markets into a tizzy, with concerns being raised about how the stolen funds would be recovered. Bitcoin was trading below $78,000 on Friday following the cyberattack. Meanwhile, Binance said that it has frozen around $3 billion in cryptocurrency assets. This means that the money cannot be transferred. However, recovering it is a different matter.<h2>What Binance said about the hacking</h2>"We have worked with blockchain partners to freeze the affected assets, with ~$3billion (£2.5bn) frozen on-chain so far,” Binance said, adding "user funds are completely safe". Its team is conducting security checks and working with law enforcement, during which time deposits and withdrawals have been suspended. Talking about what went wrong, the company said that an engineer's laptop was likely compromised, which led to unauthorised withdrawals.&nbsp;Also Read: <a href="https://www.wionews.com/trending/binance-under-cyberattack-crypto-giants-freeze-more-than-2-5-billion-as-bitcoin-drops-over-3-what-s-happening-1793318378884">Binance under cyberattack? Crypto giants freeze more than $2.5 billion as Bitcoin drops over 3%</a><h2>What is TraderTraitor?</h2>&nbsp;TraderTraitor is a series of malicious software applications and a cyber-threat campaign operated by North Korean state-sponsored threat actors linked to the Lazarus Group / Reconnaissance General Bureau. TradeTraitor has been behind cyberattacks in the past. In February 2025, it was used to steal $1.5billion from the Bybit platform, which was the largest cyberattack till now. Blockchain investigation firm TRM Labs, citing "robust on- and off-chain intelligence," said it had "high confidence" that the campaign was responsible for the Binance hack as well.&nbsp;It added that there were tell-tale signs in the heist that hint at North Korea's involvement. Tom Robinson, the founder of TRM, is almost sure that the cybergang was linked to North Korea because of the "similar tradecraft and co-mingling of funds from another hack attributed to them." It primarily targets employees in the cryptocurrency, fintech, and blockchain industries. It reaches out to crypto platform employees via LinkedIn, Telegram, or Discord, impersonating recruiters. They get them to install malicious software on their systems, such as trading applications and fake PDF readers. Its primary objective is state-affiliated financial theft to generate revenue and bypass international sanctions.&nbsp;The Lazarus Group once exacted revenge on Hollywood for mocking their leader Kim Jong Un. It was accused of hacking into Sony Pictures because its film, The Interview, made fun of the leader. &nbsp;

Binance hacked: Blockchain investigation firm TRM Labs has cited on- and off-chain intelligence to claim that North Korean cyber actors were behind the mega heist in which assets worth $6.3 billion were compromised.

A North Korean cyber gang is reportedly behind Binance’s $6.3 billion hack. According to TRM Labs, "the largest bank heist in history" was the work of hackers belonging to the state-sponsored Lazarus Group. TraderTraitor, affiliated with Lazarus, broke into a Binance engineer’s laptop and gained control of billions of dollars worth of crypto in under 30 minutes. The heist has sent the crypto markets into a tizzy, with concerns being raised about how the stolen funds would be recovered. Bitcoin was trading below $78,000 on Friday following the cyberattack. Meanwhile, Binance said that it has frozen around $3 billion in cryptocurrency assets. This means that the money cannot be transferred. However, recovering it is a different matter. What Binance said about the hacking "We have worked with blockchain partners to freeze the affected assets, with ~$3billion (£2.5bn) frozen on-chain so far,” Binance said, adding "user funds are completely safe". Its team is conducting security checks and working with law enforcement, during which time deposits and withdrawals have been suspended. Talking about what went wrong, the company said that an engineer's laptop was likely compromised, which led to unauthorised withdrawals. Also Read: Binance under cyberattack? Crypto giants freeze more than $2.5 billion as Bitcoin drops over 3% What is TraderTraitor? TraderTraitor is a series of malicious software applications and a cyber-threat campaign operated by North Korean state-sponsored threat actors linked to the Lazarus Group / Reconnaissance General Bureau. TradeTraitor has been behind cyberattacks in the past. In February 2025, it was used to steal $1.5billion from the Bybit platform, which was the largest cyberattack till now. Blockchain investigation firm TRM Labs, citing "robust on- and off-chain intelligence," said it had "high confidence" that the campaign was responsible for the Binance hack as well. It added that there were tell-tale signs in the heist that hint at North Korea's involvement. Tom Robinson, the founder of TRM, is almost sure that the cybergang was linked to North Korea because of the "similar tradecraft and co-mingling of funds from another hack attributed to them." It primarily targets employees in the cryptocurrency, fintech, and blockchain industries. It reaches out to crypto platform employees via LinkedIn, Telegram, or Discord, impersonating recruiters. They get them to install malicious software on their systems, such as trading applications and fake PDF readers. Its primary objective is state-affiliated financial theft to generate revenue and bypass international sanctions. The Lazarus Group once exacted revenge on Hollywood for mocking their leader Kim Jong Un. It was accused of hacking into Sony Pictures because its film, The Interview, made fun of the leader.

Binance hacked: Blockchain investigation firm TRM Labs has cited on- and off-chain intelligence to claim that North Korean cyber actors were behind the mega heist in which assets worth $6.3 billion were compromised.

North Korea-linked TraderTraitor likely behind Rs 59,820 crore Binance hack

Cryptocurrency exchange Binance said on Thursday that it had been hit by a major hack, prompting the freezing of more than $2.5 billion in an attempt to prevent the assets from being stolen. The company, which is the world's largest cryptocurrency exchange by daily trading volumes, also announced the suspension of trading on certain products. Despite the incident, Binance sought to reassure its customers, saying, "User funds are completely safe."&nbsp;However, several experts suggested that a massive amount of cryptocurrency may have been stolen. "It does look like a hack on Binance," said former Binance chief Changpeng Zhao, who no longer leads the company but remains its majority shareholder. Paolo Ardoino, CEO of Tether, which issues the USDT cryptocurrency, said his company had frozen approximately $1.6 billion related to a potential Binance exchange hack.&nbsp;Also Read: <a href="https://www.wionews.com/world/australian-mushroom-murderer-erin-patterson-loses-appeal-against-triple-murder-convictions-as-court-rules-sentence-was-too-lenient-1793317362717">Australian mushroom murderer Erin Patterson loses appeal against triple murder convictions as court rules sentence was too lenient</a>

<blockquote class="twitter-tweet">We are aware of differing figures circulating publicly regarding the amount frozen, including references to $1.8 billion.

For clarity, the current verified total frozen is $2.54 billion. This figure may continue to increase as our teams work closely with law enforcement, issuers, blockchain intelligence firms and industry partners to trace and freeze additional assets.

We will only share confirmed figures and will provide further updates as more verified information becomes available.&mdash; Binance (@binance) <a href="https://x.com/binance/status/2115947325617299903?ref_src=twsrc%5Etfw">October 29, 2026</a></blockquote>
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Meanwhile, Circle CEO Jeremy Allaire said his company had frozen more than $800 million in USDC. USDT and USDC are both ‘stablecoins’, digital currencies designed to maintain a value linked to a traditional currency, in this case, the US dollar. Hours before Binance officially confirmed the attack, several industry observers had reported that hackers had managed to gain access to the platform.&nbsp;Some observers suggested the incident could become the biggest cyberattack of its kind, potentially surpassing the $1.5 billion stolen from the Bybit platform in February 2025. That attack was attributed to hackers affiliated with North Korea. Following the news, Bitcoin prices dropped by more than three percent. Blockchain security firm Blockaid said it was examining approximately $3.3 billion in suspicious outflows across Ethereum, Arbitrum and Avalanche, adding further scrutiny to the incident.&nbsp;According to its website, Binance has more than 335 million registered users worldwide. Cryptocurrency exchanges like Binance allow users to buy, sell and trade digital assets.

Binance reports a major crypto hack, with over $2.5 billion in assets frozen by Tether and Circle as Bitcoin prices fall more than 3%

Cryptocurrency exchange Binance said on Thursday that it had been hit by a major hack, prompting the freezing of more than $2.5 billion in an attempt to prevent the assets from being stolen. The company, which is the world's largest cryptocurrency exchange by daily trading volumes, also announced the suspension of trading on certain products. Despite the incident, Binance sought to reassure its customers, saying, "User funds are completely safe." However, several experts suggested that a massive amount of cryptocurrency may have been stolen. "It does look like a hack on Binance," said former Binance chief Changpeng Zhao, who no longer leads the company but remains its majority shareholder. Paolo Ardoino, CEO of Tether, which issues the USDT cryptocurrency, said his company had frozen approximately $1.6 billion related to a potential Binance exchange hack. Also Read: Australian mushroom murderer Erin Patterson loses appeal against triple murder convictions as court rules sentence was too lenient

Binance reports a major hack as more than $2.5 billion in crypto assets are frozen, while Bitcoin prices fall over 3% following the news

Binance under cyberattack? Crypto giants freeze more than $2.5 billion as Bitcoin drops over 3%. What's happening?

In a stunning move that signals a major policy shift under President Donald Trump’s second administration, the US Securities and Exchange Commission (SEC) has officially dropped its civil enforcement case against Binance, the world’s largest cryptocurrency exchange.&nbsp; &nbsp;The decision was made public in a joint court filing submitted on May 29 in a Washington, DC, federal court, as per Reuters.&nbsp;<h2>What did SEC say</h2>According to Reuters, the SEC said its decision to dismiss the case was based on policy considerations and not a reflection of its stance on cryptocurrency regulation at large. The lawsuit has been dismissed with prejudice, meaning the SEC is legally barred from reopening this specific case in the future.&nbsp;A Binance spokesperson hailed the move as a “landmark moment,” expressing gratitude to SEC Chairman Paul Atkins and the Trump administration. “Innovation can’t thrive under regulation by enforcement,” the spokesperson said, as quoted by Reuters.<h2>Background of the Lawsuit</h2>According to Reuters, the SEC had initially sued Binance and its founder Changpeng Zhao (commonly known as CZ) in June 2023. The agency reportedly accused the crypto giant of inflating trading volumes, diverting customer funds, and misleading investors about its internal compliance mechanisms. The SEC also alleged that Binance facilitated the trading of multiple tokens that, under President Joe Biden’s administration, were considered unregistered securities. &nbsp;This civil case was entirely separate from Binance’s high-profile criminal settlement in November 2023, in which the exchange pleaded guilty to violating US anti-money laundering and sanctions laws. Binance agreed to pay a record $4.32 billion penalty. Zhao himself served a four-month prison term for anti-money laundering violations and was released in September 2024, as per Reuters.<h2>Not just Binance, SEC also dropped Coinbase case</h2>According to Reuters, this isn’t the first crypto enforcement rollback under Trump’s new term. In February 2025, the SEC also dropped a similar case against Coinbase, the largest cryptocurrency exchange in the US, which was accused of listing at least 13 unregistered tokens.&nbsp;&nbsp;Both dismissals reportedly reflect a broader recalibration of regulatory posture under Chairman Paul Atkins.<h2>Atkins’ vision: Clarity over crackdowns</h2>In a speech earlier this month, Atkins emphasized the need for a consistent and transparent regulatory framework. According to Reuters, he stated that one of his top priorities is to create “clear rules of the road” for issuing, trading, and securing digital assets—rules that support innovation while deterring bad actors.&nbsp;For years, the crypto industry has criticized the SEC’s practice of regulating by enforcement rather than issuing clear guidelines. Industry leaders argue that most crypto tokens function more like commodities than securities, a classification that would remove the SEC from the regulatory equation altogether.<h2>What this means for the future of Crypto in the US</h2>The SEC’s decision to withdraw its lawsuit against Binance could be a harbinger of major changes in how digital assets are governed in the US.&nbsp; &nbsp;With both Binance and Coinbase off the legal hook for now, crypto companies may find themselves operating in a more favorable regulatory environment—at least during the current administration.&nbsp;However, the SEC has not ruled out future enforcement in other cases, making it clear that this dismissal should not be interpreted as a blanket approval of the crypto industry’s past conduct.<h2>The road ahead</h2>While this legal victory offers breathing room for Binance and the broader crypto sector, it also raises important questions about the future of investor protections, market transparency, and the regulatory role of federal agencies in the evolving digital economy.&nbsp;As regulatory agencies rethink their approach, one thing is clear: the Trump administration is ushering in a new era for crypto, one that may prioritize innovation over enforcement.

Business & Economy: The decision was made public in a joint court filing, and the SEC stated that the decision was based on policy considerations, not its stance on cryptocurrency regulation. 

In a stunning move that signals a major policy shift under President Donald Trump’s second administration, the US Securities and Exchange Commission (SEC) has officially dropped its civil enforcement case against Binance, the world’s largest cryptocurrency exchange. The decision was made public in a joint court filing submitted on May 29 in a Washington, DC, federal court, as per Reuters. What did SEC say According to Reuters, the SEC said its decision to dismiss the case was based on policy considerations and not a reflection of its stance on cryptocurrency regulation at large. The lawsuit has been dismissed with prejudice, meaning the SEC is legally barred from reopening this specific case in the future. A Binance spokesperson hailed the move as a “landmark moment,” expressing gratitude to SEC Chairman Paul Atkins and the Trump administration. “Innovation can’t thrive under regulation by enforcement,” the spokesperson said, as quoted by Reuters. Background of the Lawsuit According to Reuters, the SEC had initially sued Binance and its founder Changpeng Zhao (commonly known as CZ) in June 2023. The agency reportedly accused the crypto giant of inflating trading volumes, diverting customer funds, and misleading investors about its internal compliance mechanisms. The SEC also alleged that Binance facilitated the trading of multiple tokens that, under President Joe Biden’s administration, were considered unregistered securities. This civil case was entirely separate from Binance’s high-profile criminal settlement in November 2023, in which the exchange pleaded guilty to violating US anti-money laundering and sanctions laws. Binance agreed to pay a record $4.32 billion penalty. Zhao himself served a four-month prison term for anti-money laundering violations and was released in September 2024, as per Reuters. Not just Binance, SEC also dropped Coinbase case According to Reuters, this isn’t the first crypto enforcement rollback under Trump’s new term. In February 2025, the SEC also dropped a similar case against Coinbase, the largest cryptocurrency exchange in the US, which was accused of listing at least 13 unregistered tokens. Both dismissals reportedly reflect a broader recalibration of regulatory posture under Chairman Paul Atkins. Atkins’ vision: Clarity over crackdowns In a speech earlier this month, Atkins emphasized the need for a consistent and transparent regulatory framework. According to Reuters, he stated that one of his top priorities is to create “clear rules of the road” for issuing, trading, and securing digital assets—rules that support innovation while deterring bad actors. For years, the crypto industry has criticized the SEC’s practice of regulating by enforcement rather than issuing clear guidelines. Industry leaders argue that most crypto tokens function more like commodities than securities, a classification that would remove the SEC from the regulatory equation altogether. What this means for the future of Crypto in the US The SEC’s decision to withdraw its lawsuit against Binance could be a harbinger of major changes in how digital assets are governed in the US. With both Binance and Coinbase off the legal hook for now, crypto companies may find themselves operating in a more favorable regulatory environment—at least during the current administration. However, the SEC has not ruled out future enforcement in other cases, making it clear that this dismissal should not be interpreted as a blanket approval of the crypto industry’s past conduct. The road ahead While this legal victory offers breathing room for Binance and the broader crypto sector, it also raises important questions about the future of investor protections, market transparency, and the regulatory role of federal agencies in the evolving digital economy. As regulatory agencies rethink their approach, one thing is clear: the Trump administration is ushering in a new era for crypto, one that may prioritize innovation over enforcement.

The US Securities and Exchange Commission (SEC) has dropped its civil enforcement case against Binance, the world's largest cryptocurrency exchange, marking a significant policy shift under President Donald Trump's second administration.&nbsp;

Trump-era SEC drops Binance lawsuit: Is it a landmark shift in Crypto regulation?