Trump says Binance's hack is under control, but questions digital money

what happened

US President Donald Trump said Binance had told officials that the fallout from its multibillion-dollar hack is largely contained, according to Stocktwits. Speaking at the White House on Friday, he was asked whether North Korean hackers were responsible and replied that the matter was being examined. He added that Binance had promised to make users whole, and he voiced long-held doubts about digital money, comparing it with a paper check after which people no longer see the funds.

The exchange said it had set aside more than $6.34 billion of company funds to cover user losses and was working to recover about $3 billion in frozen assets. Blockchain analysts at ZachXBT, Blockaid and TRM Labs have suggested North Korea was the likely source of the attack, though Trump said authorities are not yet certain. The breach also triggered more than $1.6 billion in leveraged position liquidations, pushing Bitcoin to a six-week low near $77,300.

why it matters

Despite the attack, BNB traded roughly flat over the past day, while retail sentiment on Stocktwits shifted from bullish to bearish. Large exchange hacks tend to raise questions about asset custody and weigh on sentiment across crypto, so market participants are watching the recovery of frozen funds and any official findings on who carried out the attack.

market impact

BNB, Bitcoin: the hack and forced liquidations weigh on crypto sentiment

• ▼BNB pressure down — exchange hack and uncertainty over how user funds will be recovered
• ▼Bitcoin pressure down — forced closures of leveraged positions pushed the price to a six-week low

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