Trump to Review Record $6.3 Billion Binance Hack as Investigation Unfolds
President Donald Trump is reviewing the $6.3 billion Binance hack, drawing national security focus to the largest crypto theft on record.
Trump to Review Record $6.3 Billion Binance Hack as Investigation Unfolds
President Donald Trump is reviewing the $6.3 billion Binance hack, drawing national security focus to the largest crypto theft on record.
Trump to Review Binance Hack
President Donald Trump has announced plans to review the Binance hack, thrusting the White House directly into what is being described as the largest crypto theft on record. An estimated $6.3 billion in digital assets was drained from Binance hot wallets on October 29, 2026. According to reports, the rapid breach started around 20:05 UTC and lasted for roughly 20 minutes, impacting hot wallets across multiple blockchains.
The investigation into the incident suggests that a compromised laptop belonging to a DevOps engineer enabled unauthorized access to company assets. The scale of the breach far exceeds previous incidents, such as the Bybit hack in 2025 which involved $1.5 billion in losses. Because the attack has been attributed to TraderTraitor, a North Korean hacking group linked with the Lazarus Group, the situation has evolved from a consumer protection story into a matter of national security.
Binance Response and Asset Recovery
Binance moved quickly to contain the breach by halting all withdrawals immediately after identifying the unauthorized access. Co-CEOs Yi He and Richard Teng are leading the response, while founder Changpeng Zhao has assured users that their funds remain safe. The exchange intends to tap its Secure Asset Fund for Users, known as SAFU, along with its corporate treasury to cover the losses.
The total amount set aside by Binance for the cleanup exceeds $6.34 billion, edging past the estimated stolen sum. Additionally, approximately $3 billion in assets, primarily stablecoins, have been frozen by issuers and partners. World Liberty Financial has also been linked to the ongoing effort to freeze associated funds, and the exchange is targeting a withdrawal restart within 45 hours.
Advanced Laundering Tactics Emerge
Blockchain analytics firms Chainalysis and Elliptic revealed that the hackers deployed sophisticated and previously unseen laundering tactics. Investigators identified thousands of automated transactions designed to obscure the movement of stolen funds. The attackers aggressively exchanged stolen stablecoins for native cryptocurrencies like Ethereum and Tron before asset freezes could take effect, sometimes accepting significant losses to complete the transactions rapidly.
According to Elliptic, the hackers converted hundreds of millions of USDT into Ethereum and Tron through decentralized trading platforms like Uniswap, 1inch, and SunSwap. Meanwhile, approximately 18,270 Bitcoin was divided across 19 addresses in smaller transfers. Analysts expect the attackers to continue routing funds through cross-chain bridges and mixers as law enforcement agencies and investigators trace the stolen assets.
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