Home / Business and Economy / Crypto Giant Resumes Withdrawals After Record $6.3B Heist
Crypto Giant Resumes Withdrawals After Record $6.3B Heist
1 Nov
Summary
- Withdrawals resumed for 15 digital currencies after a major security breach.
- Binance will absorb the full financial impact of the stolen funds.
- FBI identifies North Korean cyber actors as responsible for the theft.
Binance, the world's largest cryptocurrency exchange, has begun the phased resumption of withdrawals after a record $6.3 billion was stolen from its digital wallets last week. Co-CEO Richard Teng confirmed the careful approach to ensure services return safely and securely, emphasizing that Binance will absorb the financial impact. Withdrawals for 15 cryptocurrencies, including Bitcoin and Ethereum, were restored as of Sunday morning.
The company is prioritizing the restoration of additional assets and networks based on user demand, aiming to process withdrawals and deposits while testing remaining systems. Binance assured users that market conditions are stable, though some may experience delays. Approximately 95% of the stolen amount is covered through its Secure Assets Fund for Users, corporate treasury, and insurance fund, with the remaining 5% being less liquid tokens.
The Federal Bureau of Investigation has reported that North Korean cyber actors, known as TraderTraitor, are responsible for the theft and are converting currencies primarily into Ethereum. Binance expressed gratitude to the FBI and industry partners for their support in tracing and freezing approximately $3 billion of the stolen assets. The exchange acknowledged the difficult period for its users and community, thanking them for their patience and trust.
