Key facts
- Binance hack drained $6.3 billion from the crypto exchange.
- North Korea's Lazarus Group is suspected of carrying out the attack.
- Tether, Circle, and Ripple froze a combined $2.57 billion in stablecoins.
- Binance has pledged to cover all losses from the hack.
President Donald Trump voiced concerns about the risks of digital money following a massive $6.3 billion hack at cryptocurrency exchange Binance. The White House confirmed it is investigating the breach, which blockchain analytics firms have attributed to North Korea's Lazarus Group. The attack, executed through a compromised engineer's laptop, spanned multiple blockchain networks in approximately 20 minutes. In response, stablecoin issuers Tether, Circle, and Ripple moved swiftly to freeze a significant portion of the stolen assets, totaling around $2.57 billion. Binance CEO Richard Teng identified the compromised laptop as the entry point, while co-founder CZ assured that all losses would be covered using the exchange's SAFU fund and reserves, estimated at $6.34 billion. Withdrawal services were temporarily paused.