Trump Binance Hack Remarks Clash With Reports as $6.36B Theft Investigated

US President Donald Trump reportedly addressed possible North Korean involvement in the $6.36 billion Binance hack, according to CryptoNews, although conflicting coverage raised questions about his remarks.

The exchange has promised to cover customer losses following the October 29 security breach.

The incident affected cryptocurrency wallets across multiple blockchain networks. Binance said customer funds remained safe and pledged to cover losses using its corporate resources and Secure Asset Fund for Users (SAFU).

Conflicting Accounts of Trump’s Response

CryptoNews, citing Bitcoinsistemi, reported that Trump said the administration was examining whether North Korea was responsible for the attack.

The publication also attributed comments to Trump indicating that Binance management considered the situation under control. However, these remarks differ from the longer quotations attributed to an Oval Office briefing in other accounts.

A separate Coinfomania report, published on October 30, 2026, said Trump was investigating potential North Korean involvement, citing cryptocurrency commentator SolanaFloor.

However, The National reported that Trump had not commented on the incident as of its October 30 update.

The differing accounts leave the precise wording and timing of the president’s reported statements unresolved. An authenticated White House transcript would establish what Trump said and whether those remarks followed the other publication’s reporting.

North Korea Link Under Scrutiny

CryptoNews reported that blockchain intelligence firms TRM Labs and Chainalysis had identified possible connections between the attack and TraderTraitor, a hacking group linked to North Korea.

The publication said TRM Labs identified methods resembling previous cryptocurrency thefts associated with North Korean operatives and assessed the connection with high confidence.

CryptoNews also connected the suspected group to the February 2025 Bybit breach, which involved approximately $1.5 billion in stolen cryptocurrency.

Those technical assessments do not amount to a formal US government attribution of responsibility for the Binance incident.

Binance Details Breach and Customer Protection

According to The National, Binance’s initial investigation pointed to a potentially compromised DevOps engineer’s laptop, which may have enabled an attacker to access a service container and submit unauthorised withdrawals.

Blockchain analysis placed the estimated losses at $6.36 billion, with stolen assets moving across ten blockchain networks, most within approximately 20 minutes.

Binance co-chief executive Richard Teng addressed customers in a video statement, saying, “Rest assured that we’re working non-stop to resolve this.”

The exchange suspended withdrawals during its investigation and outlined plans for restoring services. Its commitment to reimburse affected users remains a corporate undertaking rather than government-backed deposit protection.

US Regulator Calls for Stronger Safeguards

Commodity Futures Trading Commission chairman Michael Selig told CNBC that the incident “proves our exact point” about the need for cryptocurrency market regulation.

According to The National, Selig argued that cryptocurrency trading platforms lacked safeguards comparable to those used in traditional US financial markets.

He also advocated allowing exchanges to register with the CFTC, suggesting that regulatory oversight could help reduce risks associated with future incidents.