Binance resumes Bitcoin withdrawals following record US$6.3b crypto hack

Washington, November 1 — Binance announced today that it has resumed withdrawals after a significant hack that impacted over US$6 billion (RM24.3 billion) in assets. The world's largest cryptocurrency exchange by daily trading volumes had temporarily halted user withdrawals following the attack. Binance announced on X that the first batch network for withdrawals in phase one was the $BTC Bitcoin network.

Earlier, the company stated that it was preparing to resume the initial phase of withdrawals between 0600 and 0900 GMT. Binance explained that it was adopting a phased approach, prioritizing tokens based on user demand over the past week, ensuring careful restoration of each network and asset pair with stability and security checks completed before reopening access.

The exchange disclosed yesterday that it had allocated more than US$6.34 billion in company funds to offset losses from the hack, which is believed to be the largest-ever crypto heist. Binance assured users that their funds remained secure, with the company absorbing the financial impact of the stolen funds. The Federal Bureau of Investigation (FBI) attributed the attack to North Korea, confirming earlier suspicions from private investigators and analysts that a Pyongyang-affiliated group called TraderTraitor was responsible.

This hack is part of a series of major cyber thefts linked to North Korea, which operates a sophisticated hacking operation, reportedly funding its weapons program. The news of the cyberattack led to sharp declines in the prices of most major cryptocurrencies on Friday.