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South Korea delays Binance hack sanctions talks against North Korea
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Nov 05, 2026
South Korea has yet to begin discussions on imposing additional sanctions against North Korea over its alleged involvement in the $6.3 billion Binance hack, although the country’s Foreign Ministry is reviewing measures targeting Pyongyang’s cyber activities.
Yonhap News Agency reported on November 5 that an official from the Unification Ministry said the government had not established the full circumstances of the October 29 cryptocurrency theft. The official explained that internal information-sharing would be necessary before authorities could begin discussing a response.
The statement followed a U.S. investigation attributing the attack to North Korean hackers, an accusation Pyongyang has rejected.
South Korea has not started Binance hack sanctions discussions
Speaking to reporters at the government complex in Seoul, the Unification Ministry official said authorities were still trying to determine what happened during the Binance security breach.
The official explained that discussions about how to respond had not started because the government lacked a complete understanding of the incident. Even internal consultations between relevant agencies had not reached the stage necessary to consider specific action.
The comments concern possible sanctions connected directly to the Binance attack. They do not mean South Korea has ruled out additional restrictions against North Korea or suspended its existing efforts to combat illicit cyber activity.
A separate position came from the Foreign Ministry, which confirmed that officials were examining several possible responses to North Korean cyber operations.
Ministry spokesperson Park Doo-soon said the review included unilateral cyber sanctions, although the government had made no decision on introducing them.
Park explained that Seoul was considering the issue alongside other serious matters involving North Korea. He did not announce a timetable for completing the review or identify individuals and organizations that might face restrictions.
The ministry’s comments leave the Binance-specific sanctions discussion at an early stage, while existing government work on cyber threats continues.
FBI links $6.3 billion Binance theft to North Korean hackers
The South Korean statements followed the FBI’s October 31 announcement identifying North Korea as responsible for stealing more than $6 billion in cryptocurrency from Binance.
In its security alert, the bureau attributed the October 29 attack to TraderTraitor, a North Korean hacking operation previously connected to major cryptocurrency thefts.
The FBI said investigators had observed the suspected attackers converting stolen assets primarily into Ethereum before preparing to move them through decentralized finance services and cryptocurrency exchanges.
American authorities subsequently urged blockchain infrastructure providers, exchanges and analytics companies to block transactions involving addresses associated with the stolen assets.
Separate blockchain investigations supported the U.S. attribution. As crypto.news previously reported, TRM Labs linked the attack to TraderTraitor with high confidence, although Binance had not independently identified the attackers.
Investigators have traced the funds across multiple blockchain networks while cryptocurrency issuers and security firms continue efforts to restrict transfers.
Binance’s own investigation into the breach identified compromised employee computers, malicious software and unauthorized access to internal wallet infrastructure.
The exchange said approximately $2.85 billion in affected cryptocurrency had been frozen or intercepted through cooperation with industry partners.
Sources >> South Korea delays Binance hack sanctions talks against North Korea
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