Binance resumes withdrawals after $6bn crypto hack

Binance has resumed withdrawals in phases following a cyberattack on October 29 that resulted in the theft of over $6 billion in cryptocurrency. The exchange, which is the world's largest by daily trading volume, had suspended withdrawals after the hack. According to Hindustan Times - World News, the first phase of restored withdrawals included 15 cryptocurrencies such as Bitcoin, Ether, XRP, Dogecoin, BNB, and some stablecoins like USDT and USDC.

CBS News reported that as of 5 a.m. Eastern Time, restored withdrawals also included Base and Optimism.

The FBI accused North Korea of being behind the attack, identifying the perpetrators as a group known as TraderTraitor. BBC Business reported that analytics firms had previously pointed to the North Korean state-backed Lazarus Group as the likely culprits. The FBI stated that the hackers have been observed converting stolen assets primarily into Ethereum to be further laundered via decentralized finance and instant swap services.

Binance has worked to replenish the stolen assets using its own company funds. Hindustan Times - World News reported that the exchange has covered approximately 95% of the $6.3 billion stolen, noting that the remaining 5% consists of less liquid assets that are harder to source in large quantities. BBC Business stated the company has covered 90% and has set aside more than $6.34 billion in funds to cover the losses, with a pledge to eventually cover 100%.

Brief written by urgent.news from Punch, Hindustan Times - World News, CBS News, BBC Business, Jerusalem Post — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.