Binance resumed withdrawals of Bitcoin, Ether and some stablecoins on Sunday after hackers stole $6.3 billion worth of cryptocurrency from the exchange. The world’s largest cryptocurrency exchange said it had replaced 95 per cent of the stolen assets using its own funds, while withdrawals of other cryptocurrencies would resume in phases.The first phase covers 15 cryptocurrencies, including Bitcoin, Ether, XRP and Dogecoin. Bitcoin withdrawals resumed shortly after 0600 GMT, followed by Ether, BNB and some stablecoins, including USDT and USDC.Binance said it had spent around $6 billion buying replacement tokens. The remaining 5 per cent of stolen assets comprises less liquid cryptocurrencies that could take longer to source in the required quantities.
FBI links $6.3 billion hack to North Korean hackers
The FBI on Saturday attributed the attack to TraderTraitor, a cyber unit sponsored by the North Korean state. The agency said it had observed members of the group converting stolen assets into Ether and expected further attempts to launder the funds.North Korea has repeatedly denied using state-linked cyber units for espionage, financial theft and revenue generation. Its mission in Geneva and embassy in China did not respond to requests for comment.US blockchain analysis firms TRM Labs and Chainalysis had also linked the attack to North Korea. They said most of the theft took place within around 20 minutes late on Thursday, bearing similarities to previous cyberattacks attributed to the country.However, US President Donald Trump said on Saturday that Washington was not yet certain whether North Korea was involved.
Binance uses company funds to cover losses
Binance said it had been working with industry partners to freeze the stolen assets, with around $3 billion located by Friday. The exchange has repeatedly assured customers that it would absorb the financial losses rather than pass them on to users.The company has set aside around $6.34 billion to cover the damage. Funds used to buy replacement tokens came from its corporate treasury, part of its Futures Insurance Fund and its $1 billion Secure Asset Fund for Users (SAFU), a reserve designed to protect customers during security breaches.Binance co-CEO Yi He said on Saturday that half of the SAFU funds would be used, with the company committing to replenish the reserve to around $1 billion.
Binance thanks US agencies for tracking stolen funds
Binance thanked the FBI for its assistance in a post on X referring to the agency’s statement on North Korea’s alleged involvement. The exchange did not respond to a request for comment on the attribution.Founder Changpeng Zhao also credited US law enforcement agencies with helping track and freeze the stolen assets.“A tweet can’t fully express our gratitude. Many crypto bros may not realize, a lot of the ‘why bitcoin didn’t drop more?’ credit goes to them,” Zhao wrote.Zhao was convicted in the US of failing to maintain an effective anti-money laundering programme at Binance. US President Donald Trump pardoned him last year.The attack comes amid a wider rise in cryptocurrency thefts. Researchers at TRM Labs estimated that hackers stole around $2.9 billion in digital assets across nearly 150 attacks last year.
