Binance resumes withdrawals for some cryptocurrencies after heist
The exchange said it would resume withdrawals in phases, pending security checks.
Binance, the world's largest cryptocurrency exchange by daily trading volumes, announced on Sunday that it has resumed withdrawals for some major cryptocurrencies like Bitcoin and Ethereum. This comes after the exchange suffered a major hack that resulted in the theft of over $6 billion in assets. The news of the cyber attack caused a sharp decline in the prices of most major cryptocurrencies on Friday.
In a bid to recover some of the stolen funds, Binance has offered to cover 90% of the losses using its own company funds to buy tokens. The exchange had suspended user withdrawals following the attack but has now resumed withdrawals in phases. The first batch of networks was opened for withdrawals on Sunday, including Bitcoin, Ethereum, BNB, XRP, Base, Doge, and Optimism. Binance stated that it will continue restoring additional assets and networks in phases as it completes its security checks.
The FBI has accused North Korea of being behind the hack, confirming earlier suspicions from private investigators and analysts. The group responsible, called TraderTraitor, is known for its affiliation with the Democratic People's Republic of Korea. The FBI has noted that TraderTraitor actors have converted the stolen assets into Ethereum and expect those assets to be further laundered using decentralized finance and instant swap services.
The agency has urged private sector entities to block transactions with or derived from the addresses used by TraderTraitor actors to launder the stolen assets.
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