Binance resumes withdrawals after $6bn crypto hack

Binance, the world's largest cryptocurrency exchange by daily trading volume, resumed user withdrawals on Sunday following a major hack that resulted in the theft of approximately $6.3 billion in assets. The exchange had previously suspended withdrawals after the attack, which is suspected to be the largest crypto heist on record.

According to Hindustan Times - World News, the company has covered around 95% of the stolen amount by using its own funds to purchase replacement tokens. However, BBC Business reports that the company has covered 90% of the $6.3bn in stolen assets and has set aside more than $6.34bn in company funds to cover 100% of the losses.

Withdrawals are being restored in phases as security checks are completed. The first phase included 15 cryptocurrencies, such as Bitcoin, Ether, XRP, Dogecoin, BNB, Base, and Optimism, as well as some USDT and USDC stablecoins, according to Hindustan Times - World News and CBS News. The remaining 5% to 10% of assets may take longer to source because some cryptocurrencies are less liquid and harder to buy in large quantities, Hindustan Times - World News reports.

On Saturday, the FBI accused North Korea of being behind the hack, identifying a Pyongyang-affiliated group called TraderTraitor as the responsible party. BBC Business notes that two analytics firms had previously identified the North Korean state-backed hacking unit known as the Lazarus Group, or TraderTraitor, as the likely culprits. CBS News reports that TraderTraitor is the same group blamed for a $1.5 billion theft from the Bybit platform last February.

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