Binance resumes withdrawals after $6.3 billion crypto breach

Binance said early Sunday that it is resuming withdrawals in phases after freezing all deposits and withdrawals when hackers stole $6.3 billion worth of crypto from its wallets. The exchange said it has now covered 95% of the stolen assets and will bear the financial impact rather than passing losses to users. It also reported $4.6 billion in withdrawals and $1.0 billion in deposits between 6am and 3:30pm UTC, for a net outflow of $3.6 billion.

Recovery and asset coverage

In its latest update, Binance said it has covered 95% of the stolen assets. It is still working to buy the remaining affected assets, which it described as less liquid in the market and taking longer to source at the required scale. The company said its commitment remains unchanged and that Binance will bear the financial impact of the stolen funds, with losses not passed on to users. It also said it did not make the withdrawal freeze lightly, but viewed it as a necessary precaution while teams worked to contain the incident loss, assess its impact, restore affected services, and complete security checks.

Withdrawal status by network

Binance will resume supporting withdrawals in phases, depending on network and asset type. As of Sunday morning, its network status page showed a mix of normal, partially suspended, and fully suspended statuses. Bitcoin withdrawals and deposits were still listed as partially suspended, while Ethereum deposits were normal and withdrawals were partially suspended. Users should expect temporary delays or longer processing times due to traffic volume. The company said resuming withdrawals is a major milestone, but its work continues, including strengthening safeguards, completing recovery, and providing updates.

Investigation and attribution

Binance subsequently shared that between 6am and 3:30pm Coordinated Universal Time it processed $4.6 billion in withdrawals and $1.0 billion in deposits, for a net outflow of $3.6 billion, equal to 2.1% of its total assets under management. It said it will publish a more in-depth incident report when its investigation is complete. Binance previously blamed North Korea hackers for the breach. On Saturday, the FBI said a North Korean group known as TraderTraitor was responsible and that the group was converting the assets primarily into Ethereum, with further laundering likely.

Earlier coverage: ჩრდილოეთ კორეელ ჰაკერებს Binance-იდან 6,3 მილიარდი დოლარის მოპარვაში ადანაშაულებენ

Sources: TechCrunch · Reuters · Techmeme