Trump says he will talk to North Korea if country is responsible for stealing $6.3 billion from Binance

A hacker attack on Binance took US$6.3 billion in cryptocurrencies, according to Times Brasil, and the case gained political weight after Donald Trump spoke out about the origin of the crime. The president of the United States did not use this title in the original note, but the former businessman's speech brought the topic to diplomacy.

The resources left the platform in minutes on Thursday (29), according to InfoMoney. The speed of the exit is the episode's most sensitive data, because it shows how little time is left to react when a broker suffers an attack of this size.

On Saturday (31), during a Halloween party in Mar-a-Lago, Florida, Trump said he was following the case, without confirming North Korean involvement, according to Times Brasil. According to the InfoMoney report, he stated that he did not know if it was North Korea, but that, if it was, he would talk to the country.

On Saturday night (31), the FBI attributed the theft to North Korean hackers, reports InfoMoney. BBC Business records the same reading when pointing out the country as responsible for the hack, and Gazeta do Povo reports that North Korea was blamed for the attack.

On the Binance side, reports differ. Gazeta do Povo states that the company guarantees coverage of losses of US$6.3 billion and that it has already resumed withdrawals. BBC Business reports that Binance replaces 90% of stolen amounts. The difference between covering the total and replacing 90% matters to those who had a balance on the platform, and the sources consulted do not allow us to conclude which of the numbers is correct.

The episode brings together three fronts that are usually separated: cybersecurity, diplomacy and custody of digital assets. By linking the response to the possible involvement of a foreign government, Trump's speech turns a financial crime into a topic of international relations, while Binance tries to contain the impact on its customers.

What changes for the investor

For those who invest in the stock market, Nasdaq, interest rates or the dollar, the direct effect is indirect, as the case, in itself, does not change interest rates or the currency exchange rate. Still, it reinforces a risk that crypto investors need to consider: that of counterparty, as the balance is under the custody of a private platform. The more protection depends on the solvency of a single company, the greater the weight of this assessment. In the reading that guides this section, the episode reinforces the importance of transparency about what is covered in case of failure, something that the investor can check in the terms of each platform. This article does not recommend buying or selling any asset.

Automatically translated from Portuguese.