APPG Co-Chairs Call for Urgent International Action Following $6.3 Billion Binance Hack
The Co-Chairs of Parliament’s Crypto and Digital Assets APPG, Lord Vaizey of Didcot and Gurinder Singh Josan CBE MP, have called for urgent action from the UK Government following the reported theft of $6.3 billion from Binance, the world’s largest cryptocurrency exchange.
The attack, which blockchain intelligence firms have linked to North Korea, is the largest cryptocurrency theft in history. The Co-Chairs are calling on the Government to work with international partners to trace and freeze stolen assets, disrupt money laundering and identify and sanction those responsible.
They have also called on the National Crime Agency (NCA) and National Cyber Security Centre (NCSC) to examine the attack and identify lessons to help protect UK businesses against similar breaches.
In a joint statement, Lord Vaizey of Didcot and Gurinder Singh Josan CBE MP said:
“The reported theft of $6.3 billion from Binance is the largest cryptocurrency hack in history. With blockchain intelligence firms linking the attack to North Korea, this is a major international security concern, particularly given the regime’s record of using stolen funds to finance its nuclear weapons and missile programmes.”
“While the crypto industry has already helped freeze around $2.7 billion in stolen assets, billions more remain at risk of being laundered through the global financial system.”
“We are calling on the UK Government to work urgently with international partners, law enforcement and blockchain intelligence firms to trace and freeze the remaining funds, disrupt money laundering and identify and sanction those responsible.”
“The National Crime Agency and National Cyber Security Centre should also examine how this attack happened and what lessons must be shared with UK businesses to prevent similar breaches.”
“The immediate priority must be to stop North Korea benefiting from this theft and prevent further attacks.”
North Korea has been linked to a series of major cryptocurrency thefts in recent years, including the $1.5 billion hack of crypto exchange Bybit in February 2025. North Korean hackers were also linked to more than $1.3 billion in cryptocurrency thefts during 2024 alone. US and South Korean authorities have repeatedly warned that the regime uses proceeds from cybercrime to evade international sanctions and help fund its nuclear weapons and ballistic missile programmes.
The latest Binance attack represents a significant escalation in the scale of these operations, reinforcing concerns about North Korea’s growing cyber capabilities and the need for coordinated international action to disrupt its illicit financial networks.
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