Donald Trump

Elon Musk

President Donald Trump

President Donald Trump said his administration is looking into the $6.3 billion Binance hack, as investigators examine whether North Korean hackers were behind the largest cryptocurrency theft on record.
<a href="https://x.com/JenniferJJacobs/status/2116268736089080017" rel="noopener noreferrer nofollow">Speaking to </a>CBS News correspondent Jennifer Jacobs in the Oval Office on Oct. 30, Trump said authorities had not determined whether North Korea was responsible but were investigating.
Asked whether the stolen funds would be recovered, Trump said “they said they're going to get it back” and described the situation as “under control.”
Watch Mehab Qureshi, senior editor at TheStreet, decode the Binance hack:
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 How did hackers drain $6.3 billion from Binance in about 20 minutes (3:39)
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<h2 id="binance-hack-leaves-6-3-billion-in-stolen-crypto">Binance hack leaves $6.3 billion in stolen crypto</h2>
<a href="https://www.nbcnews.com/business/markets/binance-pledges-cover-billions-stolen-assets-hack-rcna606517" rel="noopener noreferrer nofollow">Binance said late Thursday</a> that about $6.3 billion in crypto was drained from its wallets in roughly 20 minutes, the largest theft the industry has ever recorded.
Around $3 billion of the stolen assets has since been frozen with help from stablecoin issuers like Tether and Circle, along with other exchanges.
<a href="https://www.nbcnews.com/business/markets/binance-pledges-cover-billions-stolen-assets-hack-rcna606517" rel="noopener noreferrer nofollow">The exchange says</a> no customer funds were touched and that the loss was limited to its own corporate holdings. It has set aside $5 billion to cover the damage and is buying another $1.34 billion in tokens on public markets, while withdrawals remain paused.
"Your assets are safe," Binance co-CEO Richard Teng said in a <a href="https://www.nbcnews.com/business/markets/binance-pledges-cover-billions-stolen-assets-hack-rcna606517" rel="noopener noreferrer nofollow">video statement</a> Friday morning, adding that the company never uses customer funds.
Blockchain investigators <a href="https://news.bitcoin.com/security/binance-hack-north-korea-lazarus-tradertraitor/" rel="noopener noreferrer nofollow">TRM Labs</a> and independent sleuth ZachXBT say the attack bears the fingerprints of TraderTraitor, a North Korea-linked hacking crew blamed for last year's $1.5 billion <a href="https://www.independent.co.uk/tech/laptop-crypto-heist-north-korea-binance-hack-b3076342.html" rel="noopener noreferrer nofollow">Bybit heist</a>.
No government has formally named a culprit, though the U.S. Secret Service says it is working with Circle and federal prosecutors to trace and recover the funds.
<h3 id="read-our-full-binance-hack-coverage">Read our full Binance hack coverage</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/binance-cites-1b-spacex-stake-after-elon-musk-mocks-hack" rel="noopener noreferrer nofollow">Binance cites $1B SpaceX stake after Elon Musk mocks hack</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/coinbase-microstrategy-robinhood-tumble-after-largest-crypto-hack-ever-" rel="noopener noreferrer nofollow">Coinbase, MicroStrategy, Robinhood tumble after largest crypto hack ever</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/standard-chartered-sees-new-winner-after-binance-hack" rel="noopener noreferrer nofollow">Standard Chartered sees new winner after Binance hack</a></li>
 <li>Op-ed: <a href="https://www.thestreet.com/crypto/markets/im-with-elon-musk-on-binances-hack" rel="noopener noreferrer nofollow">I'm with Elon Musk on Binance's hack</a></li>
</ul>
<h2 id="when-trump-pardoned-binance-founder">When Trump pardoned Binance founder</h2>
Trump's comment comes a year after he granted Binance founder Changpeng "CZ" Zhao a <a href="https://www.thestreet.com/crypto/policy/trump-pardon-binance-changpeng-zhao" rel="noopener noreferrer nofollow">full and unconditional pardon</a> in October 2025.
Zhao had <a href="https://www.reuters.com/markets/us/us-authorities-set-unveil-settlement-with-binance-source-2023-11-21/" rel="noopener noreferrer nofollow">pleaded guilty</a> in 2023 to failing to maintain an effective anti-money-laundering program at Binance, stepping down as CEO and serving a four-month prison sentence, while the exchange paid $4.3 billion in penalties.
<a href="https://www.bbc.com/news/articles/cly1qrl9l1qo/" rel="noopener noreferrer nofollow">The White House said</a> at the time that Zhao had been prosecuted as part of the Biden administration's "war on cryptocurrency."
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.
<a href="https://www.thestreet.com/crypto/markets/varonis-systems-jumps-52-places-on-the-roundtable-100" rel="noopener noreferrer nofollow">Related: Varonis Systems jumps 52 places on the Roundtable 100</a>

Trump responds to Binance hack

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