Ross Gerber Casts Doubt on Binance’s $6.3 Billion Hack, Says ‘Smells Fishy’ as FBI Blames North Korea

Well-known investor and Gerber Kawasaki CEO Ross Gerber questioned the authenticity of cryptocurrency exchange Binance’s $6.3 billion hack, suggesting the incident could conceal financial transfers between China and North Korea, even as U.S. investigators identified North Korean hackers as responsible.

Gerber Questions Binance Hack And Zhao Pardon

"This feels like a front for sending N Korea money from China. I don’t believe this ‘hack’ story at all," Gerber wrote on X.

This feels like a front for sending N Korea money from China. I don't believe this "hack" story at all. This guy was in jail for money laundering before the Administration freed him for cash. Smells fishy. https://t.co/5CqkO34khI

— Ross Gerber (@GerberKawasaki) November 3, 2026

Gerber was referring to Binance founder Changpeng Zhao (CZ) and his presidential pardon, he added, "This guy was in jail for money laundering before the Administration freed him for cash. Smells fishy." Gerber provided no evidence supporting either allegation.

Binance did not immediately respond to Benzinga’s request for a comment on Gerber’s post.

FBI Links Record Crypto Theft To North Korea

The FBI attributed the October 29 attack to TraderTraitor, a North Korean state-sponsored hacking group, confirming that criminals stole more than $6 billion in digital assets. Blockchain investigators TRM Labs and Chainalysis reached similar conclusions independently.

Reuters reported that hackers compromised three Binance engineers’ computers through malicious downloads and a fake job interview, then exploited stolen credentials. The attackers initially transferred 233.46 million XRP within four minutes, then stole other cryptocurrencies. The incident triggered widespread concerns about exchange security.

Gerber also questioned Trump’s October 2025 pardon of Zhao, who served four months in prison after pleading guilty to violating U.S. anti-money-laundering requirements. Gerber offered no evidence connecting the pardon to the subsequent Binance hack.

Binance Defends Security Response And Customer Protection

Zhao defended the exchange’s response, telling Yahoo Finance, "There’s no 100% security," while confirming that customer losses would be covered. He also highlighted users’ continued confidence after withdrawals were restored.

Binance replaced approximately 95% of affected assets using corporate reserves and insurance funds. Co-CEO Richard Teng subsequently reassured customers about its financial stability, while North Korea denied involvement.

Photo Courtesy: Shutterstock