Binance resumes withdrawals after more than US$6bil stolen in hack

Binance has resumed withdrawals following a hack that resulted in over US$6 billion in stolen virtual assets, suspected to be orchestrated by North Korea according to the FBI. The exchange had initially suspended withdrawals but began reinstating them in phases, commencing on Sunday. By Sunday 3:30 PM GMT, Binance had processed US$4.65 billion in withdrawals and US$1.01 billion in deposits, leading to a net outflow of US$3.64 billion, representing approximately 2.1% of the company's total assets.

The FBI has implicated North Korea, specifically an affiliate group known as TraderTraitor, for the hack. The hacker group, previously responsible for a US$1.5 billion theft from Bybit in February 2025, has been converting stolen assets into Ethereum, with expectations of further laundering through decentralized finance and instant swap services.

President Trump expressed skepticism about North Korea's involvement, emphasizing that they are still investigating the incident. Binance has allocated over US$6.34 billion in company funds to cover losses, successfully replenishing 90% of the stolen assets with liquid tokens, while the remaining 10% are less liquid. The hack, the largest in cryptocurrency history, has raised concerns about the potential vulnerability of cryptography and IT security to advancements in artificial intelligence.