What Trump said
Asked in the Oval Office on Friday if the attack should be attributed to North Korea, President Donald Trump answered, "We don't know. We're looking at that." He also said of Binance's response, "They're saying they're guaranteeing it or something," and later, "They say they have it pretty much under control."
Trump framed the event bluntly: "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."
What Binance reported
The incident is a $6.3 billion breach, the largest heist the digital asset sector has faced. In the immediate aftermath, Binance, the world's biggest crypto trading venue, put withdrawals on hold and committed to make customers whole for all losses. The company, in a message on X, said about $3 billion of the assets were frozen across blockchain networks, and co-founder Yi He added that withdrawals should resume by Sunday.
The backdrop on North Korea and crypto risks
North Korean operators have a track record of hitting the crypto ecosystem and have been accused by the FBI and cybersecurity researchers of playing roles in several of the largest crypto thefts in recent years. Governments in the West have said Pyongyang sponsors hacking groups and uses them to raise money for weapons programs.
The breach lands as worries rise about cyber threats in the artificial intelligence era, and it is a setback for an industry trying to gain ground in traditional finance after benefiting from Trump's push to reduce regulatory burdens.
Smart investors adapt their approach when new tools change how markets behave. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.
Ties to Trump and what to watch next
Binance has connections to businesses linked to Trump and his family. The firm helped build a stablecoin for a company co-founded by Trump and his sons. Separately, in 2025 Trump issued a pardon to Changpeng Zhao, Binance's co-founder and former CEO, following his guilty plea for not implementing strong anti-money-laundering controls.
Trump has recently floated fresh outreach to North Korea and suggested a possible meeting with Kim Jong Un this year, though earlier this month he said he was "not sure that anybody's asking for a meeting." For your portfolio, this episode is a reminder that operational risk in crypto remains material, even at the largest platforms, and policy moves around North Korea and digital assets can quickly become market drivers.
A little extra insight from the right technology can sharpen long term decision making. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.
