Binance Resumes Withdrawals After 6.3 Billion Dollar Hack

A cryptocurrency theft worth approximately $6.3 billion has disrupted services at Binance, prompting the world's largest cryptocurrency exchange to suspend transactions before gradually restoring withdrawals. The FBI identified North Korean hackers operating under the name TraderTraitor as responsible, while Binance said it had recovered funding to cover 95% of the stolen assets.

Binance announced early Sunday that withdrawals would resume through a phased process based on cryptocurrency networks and individual assets. The exchange had previously suspended deposits and withdrawals as security teams investigated the breach and assessed its financial impact.

The recovery process remains incomplete because some affected cryptocurrencies have limited market liquidity and take longer to acquire in sufficient quantities. Binance said it was continuing purchases through market transactions and other channels to replace the remaining assets.

According to Binance's network status information on Sunday morning, Bitcoin deposits and withdrawals remained partially suspended. Ethereum deposits had returned to normal, although withdrawals were still partially restricted. The company also warned customers about temporary delays and longer processing times caused by transaction volumes.

Binance emphasized that customers would not bear the financial consequences of the theft. The exchange said it would absorb the losses and continue strengthening its security measures while completing the recovery process.

"Our commitment remains unchanged: Binance will bear the financial impact of the stolen funds," Binance said. "These losses will not be passed on to users."

The company described the restoration of withdrawals as an important stage in its response but said additional security work and recovery measures remained underway. Binance also committed to publishing a more detailed incident report after its investigation concludes.

The FBI's announcement on Saturday provided the first public confirmation from US federal investigators linking North Korea to the incident. The agency identified the activity as TraderTraitor and said the group had stolen more than $6 billion in virtual assets from Binance on Thursday.

The FBI said investigators, working with the US Secret Service and IRS Criminal Investigation, observed the attackers converting the stolen cryptocurrency primarily into Ethereum. Authorities expect additional attempts to move the assets through decentralized finance platforms and instant cryptocurrency exchange services.

Federal authorities urged cryptocurrency exchanges, blockchain analytics companies and other digital asset service providers to block transactions associated with wallet addresses connected to the stolen funds. The measure aims to restrict the movement and potential laundering of the assets.

US President Donald Trump addressed the investigation on Saturday, saying his administration was still collecting information about the suspected involvement of North Korean hackers.

"I'm not concerned. We're learning about it. We don't know if it's North Korea, but if it is, we'll talk to them about it," Trump told reporters.

Binance initially disclosed the incident on Thursday, estimating that approximately $6.3 billion in digital assets had been stolen from its wallets. The exchange subsequently worked to restore its financial coverage and resume affected services.

Eric Schiffer, chairman of Patriarch and Reputation Management Consultants, previously described the scale of the incident as exceptionally significant and raised concerns about the security of major financial institutions.

"I look at this as one of the world's greatest thefts of all time, and it's sad," Schiffer said.

Schiffer also warned that increasingly sophisticated cyberattacks could create additional challenges as artificial intelligence capabilities advance.

"I think the bloodbath of AI hacking is to come," he said. "And there's going to be a lot more pain."