Trump says US is investigating a possible North Korean connection to the 6.3 billion dollar Binance hack.

US President Donald Trump has said Washington is investigating a possible connection between North Korean hackers and a $6.3 billion cyberattack targeting Binance, the world's largest cryptocurrency exchange. Speaking to reporters in the Oval Office on Friday, Trump said the US had not yet established who was responsible for the attack. Asked whether North Korea could be behind the incident, he responded, “We don’t know. We’re looking at that.”

North Korean-linked hacking groups have previously been accused by the FBI and cybersecurity experts of targeting the cryptocurrency sector and carrying out several major digital asset thefts. Following the attack, Binance temporarily suspended withdrawals and pledged to compensate users for any losses. The exchange said on X that approximately $3 billion worth of assets had been frozen across blockchain networks. Co-founder Yi He also indicated that withdrawals were expected to resume by Sunday.

Commenting on the incident, Trump said Binance appeared to have the situation largely under control but expressed concerns about the security risks associated with digital currencies. He compared cryptocurrency transactions with traditional banking methods, noting that digital assets could be difficult to recover once stolen.

The incident has also drawn attention to Binance's connections with businesses associated with Trump and his family. The exchange helped develop a stablecoin for a company co-founded by Trump and his sons. Meanwhile, Binance co-founder and former CEO Changpeng Zhao received a presidential pardon from Trump in 2025 after pleading guilty to failing to maintain an effective anti-money-laundering programme.

The attack comes at a time when the cryptocurrency industry is facing increased scrutiny over cybersecurity threats, particularly as artificial intelligence creates new challenges for digital security. It also represents a setback for an industry seeking greater acceptance within traditional financial markets amid the Trump administration's efforts to ease regulatory restrictions.

Western governments have repeatedly accused North Korea of supporting cybercriminal networks to generate revenue for its weapons programmes through cryptocurrency theft and other illicit activities. Trump has recently indicated interest in renewed diplomatic engagement with North Korean leader Kim Jong Un, suggesting that a meeting could take place this year. However, earlier this month, he tempered expectations, saying he was unsure whether anyone was seeking such a meeting.

Disclaimer: This image is taken from Bloomberg.