North Korea rejects US claims over $6.3 billion Binance crypto heist

Pyongyang called the FBI’s allegations “absurd rhetoric.” Meanwhile, the exchange has launched a campaign to stem customer outflows.

North Korea has rejected US claims that it was behind the theft of $6.3 billion in cryptocurrency from Binance, the world’s largest crypto exchange. Reuters reports that Pyongyang called the allegations “absurd rhetoric.”

The statement was carried by the state news agency KCNA. According to the agency, Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, said the US claims prove that Washington remains hostile toward Pyongyang. She accused the FBI of trying to portray North Korea as a “cybercriminal state.” In her words, the United States is misleading international public opinion by attributing cybercrimes around the world to North Korea, which she called a serious political provocation. Kim Yo Jong added that Pyongyang has “matters to reconsider” over what it describes as US hostility, but gave no details.

The FBI said over the weekend that North Korea is responsible for the theft of more than $6 billion in cryptocurrency. It is the largest financial theft in Binance’s history.

Withdrawals from Binance

After the hack, the exchange froze withdrawals for more than two days. On Sunday, withdrawals were allowed again for some assets. On Tuesday, Binance reopened withdrawals for more assets.

As of Monday, customers had withdrawn a net $4.72 billion from Binance. The exchange said that since withdrawals resumed, net outflows have amounted to roughly 3% of the assets on the platform. Analysts consider that figure relatively modest and believe customer confidence has largely held.

In a post on X on Tuesday, Binance said hourly deposits had exceeded withdrawals, reflecting improved user activity and stabilizing flows. The exchange also launched a “community appreciation campaign” running until November 21. Users who reach at least $10,000 in total trading volume are offered fee discounts, rewards and annual interest rates of up to 10% on some products.

Maksim Repa, head of DeFi at Lombard, a Bitcoin financial protocol backed by Franklin Templeton, said the relatively restrained market reaction points to maturity and resilience. He added that investors distinguish between a security failure at a centralized exchange and a problem with the Bitcoin network itself.

A funding source for weapons programs

Cybersecurity experts regard North Korean hackers as among the most prolific crypto thieves in the world. In their view, the proceeds help finance the development of nuclear weapons and ballistic missiles capable of striking the United States. Pyongyang denies involvement in crypto theft and other cybercrimes.

Blockchain analytics firm Elliptic estimates that North Korea stole $7.6 billion worth of cryptocurrency this year, more than in previous years. Chainalysis estimates that 89% of crypto hacking losses in 2026 are linked to North Korea, up from 15% in 2021. The average loss per hack rose from $50.65 million to $185.65 million over the same period. Alec Zebrick, a senior manager at Chainalysis for Asia-Pacific, said the hackers target larger exchanges that require more time and sophistication, but the payoff can be much bigger.

The Bank of Korea estimates North Korea’s GDP in 2025 at 47.18 trillion won (about $35.09 billion). That means the Binance theft could equal roughly one-sixth of its economic output.

Analysts in Seoul believe Pyongyang’s unusually fast reaction may reflect concern that the allegations could prompt tougher US efforts to disrupt the revenue stream. Lim Eul-chul, a professor at Kyungnam University, said that with sanctions already in place, crypto theft has become one of North Korea’s main channels for funding the regime and its weapons development. In his view, additional US measures targeting crypto wallets, money-laundering networks and exchanges could seriously weaken this source of income.

North Korea is one of the world’s poorest countries, but it channels resources obtained through illicit activities banned by UN Security Council resolutions into its missile and nuclear programs. Pyongyang also has not publicly responded to US President Donald Trump’s proposals earlier this year to resume summit diplomacy.

Source: Reuters