Binance, the world’s largest cryptocurrency exchange, has reopened withdrawals for Bitcoin, Ethereum and several other digital assets after recovering or arranging replacement for approximately 95% of the $6.3 billion stolen in a major cyberattack.
The incident has been described as one of the largest cryptocurrency thefts ever reported. The US Federal Bureau of Investigation (FBI) has attributed the attack to a North Korean state-sponsored hacking group.
Binance Reopens Withdrawals for 15 Cryptocurrencies
Following the security breach, Binance temporarily suspended withdrawals to protect customer assets and investigate the incident. However, the exchange began restoring services in stages on Sunday.
During the first phase, users regained access to withdrawals for 15 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP and Dogecoin (DOGE). Bitcoin withdrawals resumed shortly after 06:00 GMT.
Binance said it would gradually restore withdrawal services for other affected digital assets as well.
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Exchange Plans to Cover Most of the Stolen Funds
Binance stated that it would use its own financial resources to replace the stolen cryptocurrencies and protect customers from losses.
The exchange had reportedly allocated approximately $6.34 billion to cover the incident. These funds came from multiple sources, including its Secure Asset Fund for Users (SAFU), Futures insurance reserves and corporate treasury.
According to Binance, the remaining 5% of the stolen assets consists of less-liquid cryptocurrencies. Finding sufficient quantities of these tokens could take additional time.
The company also assured customers that it would absorb the financial impact rather than transfer the losses to users.
FBI Links the Attack to North Korean Hackers
The FBI identified a North Korean state-sponsored group known as TraderTraitor as responsible for the cyberattack.
Reports citing blockchain researchers at TRM Labs indicated that the attackers had started preparing approximately 36 hours before the operation. They reportedly moved the stolen funds and removed evidence of their activities at exceptional speed.
The incident has also raised concerns about the potential role of automation and artificial intelligence (AI) in making sophisticated cyberattacks faster and more difficult to detect.
North Korea has repeatedly denied allegations that state-linked groups conduct cyber operations to generate revenue or steal digital assets.
Crypto Exchanges Continue to Face Major Security Threats
The Binance incident highlights the growing security challenges facing cryptocurrency platforms. Other major exchanges have also experienced significant cyberattacks.
For example, WazirX suffered a reported loss of around $235 million, while Bybit faced a theft estimated at approximately $1.5 billion.
These incidents underline the importance of stronger cybersecurity systems, transparent investigations and reliable customer protection measures.
Binance Promises Further Updates
Binance said it suspended withdrawals as a precaution while it assessed the damage, secured its systems and carried out necessary checks.
The exchange reiterated that customers would not bear the financial losses. It also said it would publish a detailed post-incident report after completing its investigation.
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