Pyongyang rejects blame for $6.3bn Binance crypto theft
Kim Yo Jong dismisses the accusations as hostile propaganda, while Binance says it has made good around 95% of the stolen funds.
Key points
- North Korea denies involvement in the record $6.3bn (£4.7bn) hack of Binance
- The FBI and other US bodies say the attack was led by the state-backed TraderTraitor group
- Binance says an engineer's laptop was compromised, allowing unauthorised withdrawals
- Binance says it has made good around 95% of the stolen funds and will cover all losses
North Korea has rejected claims that it was behind a record hack of the cryptocurrency exchange Binance, according to BBC News. The theft has been valued at $6.3bn (£4.7bn), which makes it the largest of its kind on record.
Kim Yo Jong, a senior official and the sister of leader Kim Jong Un, dismissed the allegations on Tuesday. She said Washington was trying to damage the country’s image and called the accusations a hostile attempt to mislead international opinion. Kim, who directs the General Affairs Department, also described the US claims as a serious political provocation. She said Pyongyang firmly opposes malicious activity in cyberspace.
What investigators have said
The US Federal Bureau of Investigation, the Secret Service and several cyber analysts have said North Korea orchestrated the attack. Blockchain analysts and the FBI have named a state-backed hacking group, TraderTraitor, as the team that led it.
The FBI has asked industry partners to help block transactions linked to cryptocurrency accounts connected with the group.
A pattern of accusations
Pyongyang faces accusations over several large-scale digital intrusions in recent years, and it rejects every one of them. The TraderTraitor unit, also known as the Lazarus Group, was linked to a $1.5bn theft from the Bybit exchange in 2025.
Research groups, including the S Rajaratnam School of International Studies, say Pyongyang has recruited promising university students and placed them in hacking units run by its intelligence agency. The country maintains that it opposes malicious activity in cyberspace.
Binance response and recovery
Binance said last week that early checks showed an engineer’s laptop had been compromised, which let an attacker make unauthorised withdrawals.
Trading in major cryptocurrencies has since restarted after the exchange worked with token issuers to freeze the affected assets. Binance reported that a net $5.27bn had left the platform since trading restarted on Sunday, based on data it published on Tuesday. The company says transaction activity has now levelled off.
Binance has repeatedly said it will cover every loss linked to the attack. So far, the company says it has made good around 95% of the funds stolen.
Why the case matters
North Korea has been accused of using cyber crime to help fund its economy, which is under international sanctions. The case adds to concerns about the security of large crypto platforms.
The BBC has contacted Binance for comment, and the reports available do not include a response on North Korea’s denial.
Frequently asked questions
Did North Korea deny the Binance hack?
Yes. North Korea has denied being behind the hack, and Kim Yo Jong called the accusations a sinister attempt by the US to damage its public image.
Who do investigators say carried out the Binance hack?
The FBI and blockchain analysts have said a state-backed group called TraderTraitor led the attack. The group is also known as the Lazarus Group.
How much has Binance recovered from the hack?
Binance says it has made good around 95% of the stolen funds and will cover all losses linked to the attack. It also said a net $5.27bn has been withdrawn since trading resumed on Sunday.
Sources
This article was written with the help of AI from reports by the outlets listed above. See our Editorial Policy. Spotted a mistake? Tell us.
