Binance resumed Bitcoin withdrawals and announced the phased restoration of other digital assets after covering 95% of the $6.3 billion stolen in a cyberattack, mediapool.bg reported. The hack, which the Federal Bureau of Investigation (FBI) links to North Korea, ranks as the largest cryptocurrency theft in history and potentially the largest financial robbery ever recorded.
Binance resumes withdrawals for fifteen assets
The platform initiated its planned resumption of withdrawals shortly after 06:00 GMT, covering an initial batch of 15 crypto assets including Bitcoin, Ether, XRP, and Dogecoin. To cover the stolen funds, Binance utilized its own reserves to purchase replacement assets, while the remaining 5% consists of lower-liquidity cryptocurrencies that require more time to acquire.
FBI blames North Korean hackers for the attack
The FBI identified the state-sponsored hacker group TraderTraitor as the perpetrator behind the assault. Blockchain analytics firms TRM Labs and Chainalysis reported that the primary theft occurred in approximately 20 minutes late Thursday, matching characteristics of prior major attacks attributed to North Korea.
Coinbase is safe and secure.We’re actively monitoring the Binance situation, and have reached out to their team to offer our support.
Exchange deploys reserves to cover user losses
Binance deployed 50% of its Secure Asset Fund for Users (SAFU)—which held $1 billion in Bitcoin reserves—alongside trading insurance funds and corporate reserves to assemble $6.34 billion for loss coverage.
Answers regarding the stolen funds and hacker group
How much was stolen from Binance?
The cyberattack resulted in the theft of approximately $6.3 billion in digital assets, according to mediapool.bg.
Which hacker group is blamed for the Binance attack?
The FBI and blockchain analytics firms TRM Labs and Chainalysis attributed the incident to the North Korean state-backed group TraderTraitor.
How is Binance compensating the losses?
The exchange used $6.34 billion in corporate reserves, insurance funds, and half of its $1 billion SAFU emergency reserve to purchase replacement assets and cover user losses, mediapool.bg reported.
Binance has begun recovering affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds.The company has already publicly committed to cover losses through… pic.twitter.com/UqtBd37Fpj
More on Binance
Investigation update: Our initial investigation suggested that the security incident may have involved a compromised laptop, however our subsequent investigation has uncovered additional points of breach. This was a complex attack, and we are doing all we can in coordination… pic.twitter.com/FQQ3vKT6GU
User funds are safe. Binance will cover all hacking losses.Deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement.We will share a full post-mortem once the investigation is complete. Please…
Update: First batch network now opened in phase one of withdrawals is $BTC bitcoin network https://t.co/jSeeorSKGD