North Korean officials have denied U.S. accusations that the Democratic People’s Republic of Korea (DPRK) was responsible for the recent hack of cryptocurrency exchange Binance, which resulted in the loss of approximately $6.3 billion in digital assets.
Official denial
Kim Yo Jong, a senior official of the Workers’ Party of Korea, issued a statement through the state news agency KCNA on November 3, describing the U.S. allegations as “absurd rhetoric” and a political provocation. She said the United States repeatedly links North Korea to major crypto thefts without justification, citing the $1.5 billion Bybit hack from the previous year as an example.
Accusations against the United States
The statement also referenced the U.S. administration’s policy to confiscate illegally obtained cryptocurrency and add recovered assets to a national strategic reserve. Kim suggested that the U.S. should consider who would benefit from such recovered funds, implying that the United States might have a motive to frame North Korea.
Law enforcement response
Following the Binance breach, the exchange temporarily halted withdrawals and engaged law‑enforcement agencies to trace the stolen funds. The FBI later announced that a state‑linked actor, identified as “TraderTraitor,” was responsible for moving the stolen assets into Ethereum and subsequently through various decentralized finance platforms and instant‑swap services.
On‑chain investigations
Independent investigators, including TRM Labs and Chainalysis, linked the hack to the same actor. On‑chain monitoring indicated that portions of the stolen cryptocurrency were transferred through protocols such as THORChain and Relay, leading to significant increases in those platforms’ daily transaction volumes.
Exchange activity after the incident
Binance resumed withdrawals after the security measures were implemented. In the period following the restart, users withdrew more than $4 billion and deposited just over $1 billion.
