North Korea-linked suspected hack prompts cryptocurrency exchange Binance to suspend trading as investigators probe breach

Trading halted during investigation

The exchange temporarily stopped deposits and withdrawals for security checks. It said it was working with law enforcement to identify those responsible and had located and frozen about $3 billion in affected assets, without explaining the status of the remaining $3.3 billion.

Analysts cite North Korea link

Blockchain intelligence firm TRM said TraderTraitor was likely behind the attack, expressing high confidence in its assessment. It estimated that about $6.36 billion moved out of Binance wallets across 10 blockchains, mostly within roughly 20 minutes, and called it the largest cryptocurrency theft on record.

Assets frozen, losses promised

Tether CEO Paolo Ardoino said the company froze around $1.6 billion in USDT, while Circle boss Jeremy Allaire said Circle froze about $800 million worth of USDC. Binance co-founder Yi He said the exchange would cover all hacking losses, but gave no further details.

A company spokesperson said user funds were safe. Binance founder Zhao, speaking as a shareholder, said he expected users’ funds to be fully covered.

Market reaction and wider context

Zhao founded Binance in 2017 and stepped down as CEO after pleading guilty in 2023 to failing to prevent money laundering on the platform. US President Donald Trump pardoned him in 2025. Zhao and Binance have supported cryptocurrency ventures involving Trump and his family.