Binance Restores Withdrawals After $6.3 Billion North Korean Hack

Binance has resumed processing withdrawals for 15 major cryptocurrencies, including Bitcoin, Solana, and Ethereum. This move comes after the world's largest digital asset exchange confirmed that $6.3 billion was stolen from its wallets last week. The resumption began at 7:36 a.m. Eastern Time on Sunday.

Richard Teng, co-CEO of Binance, announced the phased return of services on X. He stated that the company would take a careful approach to ensure safety. Teng emphasized that Binance would absorb the financial impact of the theft, sparing its users from the direct cost of the breach.

By 10:30 a.m. ET, the company reported processing approximately $4.6 billion in withdrawals and $1 billion in deposits. Binance is currently testing its remaining systems. The company indicated that it will continue to restore additional assets in phases. These phases are prioritized based on user demand observed during the previous week.

Binance stated that 95% of the stolen amount is covered. The company utilized its Secure Assets Fund for Users, a reserve of roughly $1 billion in Bitcoin, along with its corporate treasury and Futures insurance fund. The remaining 5% of tokens are less liquid and take longer to source. The top 10 digital currencies, including Bitcoin and Solana, remain fully backed.

The Federal Bureau of Investigation identified TraderTraitor as the group responsible for the theft. The FBI noted that this group has been sponsored by North Korea since at least 2020. Agents reported that the actors are converting the stolen currencies, primarily into Ethereum. Binance thanked the FBI for its support in the investigation.

A coalition of cryptocurrency firms managed to freeze about $3 billion of the stolen assets. Binance said it has conducted security reviews and is working with law enforcement to recover the remaining funds. The company warned that some users may face delays or longer processing times as it completes its security checks.

The exchange had suspended withdrawals on Friday after detecting the breach. In a statement, the company acknowledged the importance of reliable access to funds. It expressed gratitude for the patience of its users and industry partners during the incident.