The FBI says North Korea was behind the massive $6.3 billion crypto heist that hit Binance on October 29th. The FBI labeled the activity "TraderTraitor" and said that it had observed actors it has connected to hack converting the tokens to Ethereum and preparing for further laundering of the funds. The agency offered few other details or evidence. The statement says:
North Korea Responsible for $6 Billion+ Binance Attack
The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from crypto …
After hackers stole a shocking $6.3 billion from Binance customers in a record-breaking crypto heist, the company's CEO says that 90 percent of the funds have been replaced, and the company plans to cover the remaining 10 percent as well. Binance is covering the stolen funds directly, and the remaining 10 percent consists of "less liquid" tokens, which the company says may take longer to acquire.
The company also said in a post on X that, while withdrawals remain paused, they're on track to be enabled on Sunday.
Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident. We will co …
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Binance says it will cover all losses resulting from the hack. | Image: Cath Virginia / The Verge, Turbosquid
Binance has disclosed that $6.3 billion worth of crypto funds have been stolen from the platform, in what's believed to be the biggest cryptocurrency hack on record. In a series of updates posted to X, the crypto exchange said that user funds are safe, and that around $3 billion of the impacted assets have been frozen so far.
Binance has publicly committed to covering any losses resulting from the hack. The company has an emergency reserve fund of around $1.3 billion (at last valuation) to protect user assets in these situations, and said it has also reserved over $6.34 billion of company funds to cover this incident - $5 billion of which …
Donald Trump waves to the media on the South Lawn of the White House on September 26, 2026. | Aaron Schwartz/Getty Images
This story appeared in The Logoff, a daily newsletter that helps you stay informed about the Trump administration without letting political news take over your life. Subscribe here.
Welcome to The Logoff: Donald Trump is once again selling access to the highest bidder(s).
What’s happening? On Thursday, the Washington Sun’s Jeff Stein reported that Trump will reprise his 2025 “crypto dinner” later this year, hosting some of the top investors in the $TRUMP memecoin at his Virginia golf club.
The top 185 holders of $TRUMP will receive an invite to the event, which the website describes as the “Most EXCLUSIVE DINNER IN THE WORLD.” The top 29 $TRUMP holders will also be eligible for a “special VIP reception.”
What is $TRUMP? As my colleague Adam Clark Estes explained last year, memecoins like $TRUMP are “all but make-believe.” The coin is a crypto token, or “a type of digital asset that’s built on a cryptocurrency’s blockchain, but it is not a full featured cryptocurrency, like bitcoin.”
In other words, buying it doesn’t get you very much — the value of the coin has collapsed since early last year when Trump took office — but it will get you a chance to have dinner with the president.
What’s the context? This will be the third major event Trump has hosted for buyers of $TRUMP, following a May 2025 dinner at his Virginia club and a “crypto and business conference” earlier this year at Mar-a-Lago, where Trump gave a keynote speech.
But it’s just one of the many, many ways that Trump and his family have found to enrich themselves through crypto: There’s also another memecoin, $MELANIA, and his lucrative crypto firm, World Liberty Financial, which received a $500 million investment from a member of the United Arab Emirates royal family last year.
Strictly speaking, as Stein points out, Trump himself does not own the company minting $TRUMP, though he still profits handsomely, to the tune of $636 million last year, from transaction fees and other revenue. And he’s made even more off World Liberty Financial, which he and his sons do own, along with others: $799 million in 2025 alone, according to financial disclosure forms filed earlier this year.
And with that, it’s time to log off…
Don’t miss this story about “junk journaling” from my colleague Rachel Miller, a hobby that she describes as “a great way to cope with digital malaise and existential dread.” (Needed!) You can read it with a gift link here.
Plus: It’s a big day for Denali National Park’s sled dog puppies, of whom I’m a big fan.
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