Ari Redbord, TRM Labs’ global head of policy and government affairs, called on governments to take offensive action against North Korean hackers following the record $6.3 billion theft from Binance. TRM Labs attributed the attack to the TraitorTrader group, which was also responsible for the $1.5 billion Bybit hack in February 2025. Stablecoin issuers froze about $2.67 billion in assets, enabling the industry to recover 40% of the stolen funds almost immediately. Redbord said the October 29 theft was worth roughly one-third of North Korea’s GDP and accounted for half of the $12.5 billion stolen by state-backed hackers since 2017. He argued that only coordinated offensive action against the hackers, their money-laundering networks and the financial institutions used to cash out stolen funds could deter future attacks.
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