North Korea denies role in massive Binance cryptocurrency theft

North Korea on Tuesday dismissed United States allegations accusing it of stealing billions of dollars in cryptocurrency from the Binance platform. State media agency KCNA carried statements from Kim Yo Jong, the sister of North Korean leader Kim Jong Un, who described the claims as absurd rhetoric and a grave political provocation. [1][2][8]

The United States Federal Bureau of Investigation blamed North Korea for the theft on the Binance cryptocurrency platform, which is the largest on record. Outlets differed on the exact total, with France 24, the South China Morning Post, The Record, The Diplomat, Fox Business, and The Hill reporting six billion dollars, while Al Jazeera and Bloomberg put the figure at 6.3 billion dollars. The Record reported that the agency specifically attributed the breach to the hacking group TraderTraitor and urged the cryptocurrency industry to block related transactions. [1][2][4][6][7][8][9][10][11]

North Korea said that the allegations demonstrate that Washington maintains a hostile stance toward the country. The official denial comes as Pyongyang has remained silent regarding overtures from United States President Donald Trump to resume diplomatic engagement. [1]

As FTMQ World reported earlier, Binance previously covered 90 percent of the stolen funds from internal reserves to make customers whole after the breach. Binance was founded in 2017 by Changpeng Zhao and operates as the largest cryptocurrency exchange in the world by daily trading volume. [13][15][16]

Reporting from The Diplomat noted that cash-out routes for the stolen assets rely heavily on China. The incident highlights how Pyongyang uses state-sponsored hacking operations as a primary revenue stream amidst ongoing international sanctions. [6]