North Korea has rejected allegations by the United States that it was behind the theft of $6.3bn in cryptocurrency from Binance, describing the accusation as “absurd rhetoric” and a political provocation against the country.
Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, said the allegation showed that Washington remained hostile towards Pyongyang, according to a report by the state-run Korean Central News Agency on Tuesday.
The denial came after the Federal Bureau of Investigation accused a North Korean state-linked hacking group known as TraderTraitor of carrying out the theft from Binance, the world’s largest cryptocurrency exchange.
“The FBI is trying to brand the DPRK as a ‘cyber criminal state,’ claiming that it obtained information that a hacking organisation ‘supported’ by the DPRK was involved in the incident,” KCNA quoted Kim as saying.
She described the US claim as “absurd rhetoric and nothing new”, accusing Washington of misleading international public opinion by portraying North Korea as responsible for cybercrimes around the world.
Kim also warned that Pyongyang had “issues to reconsider” in response to what she called the United States’ hostile attitude, although she did not specify what measures the country might take.
The allegations have renewed scrutiny of North Korea’s suspected involvement in cryptocurrency theft, which cybersecurity analysts say has become an important source of funds for the country’s weapons development programmes.
Blockchain analytics firm Elliptic estimates that North Korea has stolen cryptocurrency worth $7.6bn this year, exceeding the total recorded in any previous year.
Chainalysis, another blockchain analytics firm, estimated that 89 per cent of cryptocurrency hack losses recorded in 2026 were linked to North Korea, compared with 15 per cent in 2021.
Analysts say proceeds from such attacks help Pyongyang secure foreign currency and finance its nuclear and ballistic missile programmes despite international sanctions.
See also: Binance Recovers 90% of Assets Stolen in $6.3bn Security Breach
Lim Eul-chul, a professor at Kyungnam University’s Institute for Far Eastern Studies, said cryptocurrency theft had become one of North Korea’s key channels for obtaining funds for its government and weapons development.
He warned that further US measures targeting cryptocurrency wallets, laundering networks and exchanges could disrupt an important source of revenue for Pyongyang.
Meanwhile, Binance has stepped up efforts to reassure customers following the breach, which triggered heavy withdrawals and raised concerns about confidence in the exchange.
The platform said customers had withdrawn a net $4.72bn as of Monday after it temporarily suspended withdrawals following the incident. The exchange said the outflows represented about three per cent of the assets held on its platform.
Binance began restoring withdrawals on Sunday and announced on Tuesday that more assets had become available for customers to withdraw.
The exchange also launched a promotional campaign offering fee rebates, trading rewards for eligible users who record at least $10,000 in cumulative trading volume, and annual percentage rates of up to 10 per cent on selected yield-generating products.
The campaign, described by Binance as a community appreciation initiative, is scheduled to run until November 21.
Despite the scale of the withdrawals, some analysts said the relatively limited share of Binance’s total assets that left the platform suggested that customer confidence had not collapsed.
Maksym Repa, head of decentralised finance at Bitcoin finance protocol Lombard, said the market’s relatively contained reaction suggested investors were distinguishing between a security breach at a centralised exchange and a problem with the Bitcoin network itself.
The Binance incident is being described as potentially the largest financial heist on record, with the FBI continuing to attribute the attack to the North Korean-linked TraderTraitor group. North Korea has consistently denied allegations connecting it to cryptocurrency theft and other cybercrimes.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
