North Korea rejects US accusation over $6.3bn Binance hack

Kim Yo Jong, sister of North Korea’s leader Kim Jong Un, attends a reception in the Great Hall of People following a military parade marking the 80th anniversary of victory over Japan and the end of World War II, in Beijing on Sep 3, 2025. (File photo: AFP/Jade Gao)

North Korea has denied allegations that it was behind the theft of about $6.3bn from cryptocurrency exchange Binance, describing the United States’ accusation as a political provocation, BBC reports on Tuesday.

Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, said the allegation was an attempt by Washington to portray her country as responsible for cybercrimes around the world.

Kim made the remarks in a written statement carried by North Korea’s state-run Korean Central News Agency on Tuesday, according to Reuters.

The denial followed an announcement by the United States Federal Bureau of Investigation on Saturday that North Korea was responsible for stealing more than $6bn in virtual assets from Binance, the world’s largest cryptocurrency exchange.

The FBI attributed the October 29 attack to a North Korean state-backed hacking operation it calls TraderTraitor and urged cryptocurrency businesses and other industry operators to block transactions involving wallets linked to the group.

“The US assertion is absurd rhetoric and nothing new,” Kim said, according to KCNA.

She described the allegation as “a grave political provocation” against North Korea, formally known as the Democratic People’s Republic of Korea, and accused the US of misleading international public opinion by suggesting that cybercrimes committed in different parts of the world were the work of Pyongyang.

The Binance incident is believed to be the largest cryptocurrency theft on record.

According to the Associated Press, blockchain intelligence firm TRM estimated that about $6.36bn was transferred from Binance wallets across 10 blockchains, with most of the transactions completed within about 20 minutes.

The attack has been linked to TraderTraitor by blockchain analysts, while the FBI said its investigation identified the North Korean group as responsible.

Binance initially said its investigation indicated that an engineer’s laptop might have been compromised, but later identified additional points of breach.

The exchange said it had reserved more than $6.34bn in company funds to cover the stolen assets and was working with blockchain partners to recover them. About $3bn in affected assets had also been frozen, AP reported.

The hack forced Binance to temporarily suspend withdrawals as it investigated the breach, although trading and withdrawals subsequently resumed.

The latest allegation adds to a series of major cryptocurrency thefts attributed to North Korean-linked hackers.

In February 2025, the FBI blamed TraderTraitor for the theft of about $1.5bn from cryptocurrency exchange Bybit, then regarded as the largest cryptocurrency heist at the time.

North Korea has repeatedly denied involvement in cyberattacks attributed to its hackers.

However, cybersecurity experts have said cryptocurrency theft has become an important source of foreign currency for the country, which faces extensive international sanctions.

The FBI said the stolen Binance assets were being converted mainly into Ether, a cryptocurrency, as the hackers prepared to move them through decentralised finance platforms and instant-swap services to conceal their origin.

Binance has said it is working with law enforcement agencies and other partners to trace the stolen funds and recover the assets.