Binance says resuming withdrawals after major hack

Binance announced on Sunday that it had resumed withdrawals following a major hack that affected over $6 billion in funds. The world's largest cryptocurrency exchange by daily trading volumes temporarily suspended user withdrawals after the attack. The company began restoring the first batch of network withdrawals for the $BTC bitcoin network in phase one.

Binance stated that they were implementing a phased approach, prioritizing tokens based on user demand from the past week to ensure a careful restoration while conducting stability and security checks before reopening access. The company had set aside over $6.34 billion in reserves to cover the estimated losses from the hack, which is believed to be the largest-ever cryptocurrency heist.

Binance emphasized that user funds remained safe and they would absorb the financial impact of the stolen funds, not their users. The FBI attributed the attack to North Korea, confirming earlier suspicions that the Pyongyang-affiliated group TraderTraitor was responsible. This hack follows a series of high-profile cyber thefts linked to North Korea, which is believed to use its formidable hacking capabilities to generate funds that may aid its weapons program.

The news of the cyberattack led to a sharp decline in the prices of most major cryptocurrencies on Friday.