Binance resumes bitcoin withdrawals after covering bulk of stolen US$6.3 billion
The FBI said North Korea’s TraderTraitor carried out the attack, as officials warned of more laundering.
Binance, the world's largest cryptocurrency exchange, resumed bitcoin withdrawals on November 1, with additional withdrawals expected to follow in stages. The exchange covered 95% of the US$6.3 billion (S$8 billion) in stolen tokens from its platform, marking the largest digital heist in history. The FBI attributes the heist to a North Korean state-sponsored unit called TraderTraitor, though Pyongyang has denied involvement.
By using company funds to buy replacement tokens, Binance managed to cover US$6 billion of the stolen assets, with the remaining 5% consisting of less liquid assets. The exchange has set aside around US$6.34 billion of company funds to cover the losses, utilizing its Secure Asset Fund for Users (SAFU), Futures Insurance Fund, and corporate treasury.
Crypto prices experienced a decline following the incident, and Binance reassured customers of the safety of their funds.
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