Binance resumes withdrawals after $6.3 billion breach, says 95% of stolen assets are covered
Users may still see slower processing, since some networks including Bitcoin remained partly suspended.
Binance reopened withdrawals on a phased basis after a breach in which hackers took $6.3 billion in crypto from its wallets, and the company says it has now covered about 95% of the stolen assets. Its network status page still showed some networks partially or fully suspended, including Bitcoin withdrawals, so users should expect slower processing for now. On Sunday between 06:00 and 15:30 GMT, the exchange recorded $4.649 billion in withdrawals against $1.01 billion in deposits, a net outflow of about $3.64 billion, which the firm says is just over 2% of the $171 billion it manages. The FBI has attributed the attack to the North Korean group TraderTraitor, which is moving the funds mainly into Ethereum, and Chainalysis reports the laundering is ongoing. Binance has pledged to bear the losses itself and says it will publish a fuller incident report once its investigation ends.
Why it matters
The loss is being absorbed by Binance rather than passed to customers, which shifts who bears the cost of the breach. The FBI's attribution to North Korean group TraderTraitor, and Chainalysis's finding that laundering continues across many thousands of addresses, mean the stolen funds have not yet been fully traced or recovered. Binance has said it will publish a fuller incident report once its investigation ends, which is when the cause and the full scale of the damage should become clearer.
Series Binance crypto theft breach
- Binance resumes withdrawals after $6.3 billion breach, says 95% of stolen assets are covered
- FBI Links North Korea-Aligned TraderTraitor to $6.43 Billion Binance Crypto Theft
- Binance halts withdrawals after breach touching about $6.3 billion in crypto
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