Binance to resume withdrawals after covering bulk of stolen $6.3bn

Binance, the world's largest cryptocurrency exchange, announced on Sunday that it would resume withdrawals after covering 95% of the $6.3 billion in tokens stolen from its platform in what authorities believe to be the largest digital heist in history. The theft, tied to North Korea by the FBI, involved converting stolen assets into ether, with further laundering expected.

Binance, founded in China, began withdrawing 15 crypto assets, including Bitcoin, Ether, XRP, Dogecoin, and others, between 0600 and 0900 GMT. The exchange covered $6 billion of stolen cryptocurrencies by using company money to buy replacement tokens, sourced from its $1 billion Safu fund, a bitcoin reserve for customer protection, and other corporate assets. The remaining 5% of stolen tokens, primarily less liquid assets, may take longer to recover.

The FBI attributed the attack to North Korea's state-sponsored unit, TraderTraitor, which has denied involvement in the past. While US President Donald Trump remained uncertain about North Korea's involvement, the exchange's co-CEOs, Richard Teng and Yi He, confirmed that the breach was complex, involving compromised software designed to cover its tracks.

Crypto prices dipped on Friday as Binance reassured customers that their funds were secure. As the world's largest exchange by assets under custody, with $162.8 billion in assets, Binance has 335 million registered users globally.