Binance resumes withdrawals after US$6.3b heist blamed on North Korea
NEW YORK: Binance, the world’s biggest cryptocurrency exchange, resumed bitcoin withdrawals on Sunday and said others would follow in phases after covering 95 per cent of the US$6.3 billion in tokens stolen from its platform in the world’s largest digital heist.
Binance, the world's largest cryptocurrency exchange, has resumed bitcoin withdrawals and plans to restore other services in phases following the recovery of 95% of the US$6.3 billion in tokens stolen in the world's largest digital heist. The FBI has linked the attack to North Korea's state-sponsored TraderTraitor unit, though Pyongyang has denied involvement.
Binance covered US$6 billion of the stolen funds by using company money to buy replacement tokens, while the remaining 5% includes less liquid assets that are harder to source. The exchange has set aside US$6.34 billion of its own funds to cover the losses, with 50% of its Secure Asset Fund for Users (SAFU) already allocated to the recovery efforts.
Crypto prices fell on Friday following the heist, but Binance assured customers that their funds remained secure.
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