President Donald Trump says he will review the Binance hack, bringing direct White House attention to what is being described as the largest crypto theft on record.
An estimated $6.3 billion in digital assets was taken from Binance hot wallets on October 29, 2026. The breach began around 20:05 UTC and lasted approximately 20 minutes, affecting hot wallets across multiple blockchains.
The Attack and Attribution
The attack has been attributed to TraderTraitor, a North Korean hacking group linked with the Lazarus Group, which has been behind some of the most significant cryptocurrency heists in history.
An investigation suggested that a compromised laptop belonging to a DevOps engineer provided unauthorized access to company assets.
The $6.3 billion figure represents more than four times the previous record, the 2025 Bybit hack, which involved $1.5 billion in losses.
Binance's Response
Binance halted all withdrawals once the breach was identified and moved to contain the damage.
The exchange said it would use its Secure Asset Fund for Users, known as SAFU, along with corporate treasury funds to cover losses. The total set aside for the recovery exceeds $6.34 billion.
Around $3 billion in assets, primarily stablecoins, have been frozen by issuers and partners, including efforts by World Liberty Financial to freeze associated funds.
Co-CEOs Yi He and Richard Teng are actively involved in the response, and founder Changpeng Zhao has publicly assured users that their funds are safe. The exchange is targeting a restart of withdrawals within 45 hours while working with law enforcement agencies.
National Security Interest
Trump's stated intention to review the matter reflects its broader implications. The North Korean attribution elevates the incident beyond a consumer protection issue to a national security concern involving a state-linked group allegedly withdrawing billions from a major exchange.
Crypto prices declined following news of the breach.
