Kim Yo Jong, the influential sister of North Korean leader Kim Jong Un, described the allegations as “absurd rhetoric”, according to state media. The denial followed an announcement by the Federal Bureau of Investigation that North Korea was responsible for the theft, which has been described as potentially the largest cryptocurrency heist on record.
The incident triggered a sharp reaction among Binance customers. Users had withdrawn a net $4.72 billion from the world’s largest cryptocurrency exchange by Monday after withdrawals were temporarily suspended for about two days. Binance said on Tuesday that flows had stabilised, with hourly deposits exceeding withdrawals.
Co-chief executive Richard Teng told a Hong Kong Fintech Week event that the company remained in “very strong financial health” and that 95% of the affected tokens had been replenished. He said the remaining assets were less liquid and that the exchange was working with over-the-counter providers to restore them.
The exchange has also introduced measures intended to retain customers and attract new users, including promotional incentives. The scale of the withdrawals nevertheless places renewed attention on the operational resilience of major cryptocurrency platforms and the confidence investors place in their ability to safeguard digital assets.
North Korea has repeatedly been accused by US and international investigators of using cyber operations to obtain funds in breach of sanctions. Analysts have said cryptocurrency theft can provide revenue for the country’s weapons programmes, although Pyongyang routinely denies involvement in cybercrime.
The latest dispute adds a geopolitical dimension to an incident with direct consequences for the digital-asset industry. Any further US action against wallets, laundering networks or intermediaries could affect efforts to trace stolen funds and disrupt the movement of cryptocurrency.
For Binance, the immediate priority is to demonstrate that customer assets remain accessible and that the exchange can withstand further scrutiny. The allegations remain contested by North Korea, while the full technical and financial details of the theft have yet to be publicly established.
Republished from the existing Aldrenor collection. Aldrenor editorial archive.
