Binance resumes bitcoin withdrawals after covering bulk of stolen US$6.3 billion - The Straits Times
Binance, the world's largest cryptocurrency exchange, resumed bitcoin withdrawals on November 1 after covering 95% of the $6.3 billion stolen in the largest digital heist in history.
The exchange posted on its status page shortly after 0600 GMT that planned withdrawals had begun, starting with 15 cryptoassets including bitcoin, ether, XRP and dogecoin. The heist, which analysts say may be the biggest financial robbery ever, adds to a string of crypto thefts that saw attackers steal $2.9 billion worth of cryptocurrency across nearly 150 attacks in 2025, according to TRM Labs researchers.
North Korean connection
The FBI stated on October 31 that the North Korean state-sponsored unit known as TraderTraitor was responsible for the attack. Pyongyang has long denied using state-linked cyber units for financial theft, and its mission in Geneva and embassy in China did not respond to requests for comment.
We don't know if it's North Korea – but if it is, we'll talk to North Korea about it.
The bulk of the theft unfolded in around 20 minutes beginning late on October 29 and bore similarities to previous large attacks blamed on North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis. The FBI observed members of the unit converting stolen assets into ether and expected further laundering through related technology.
Financial impact covered
Binance has been working with industry partners to freeze affected assets, locating about $3 billion as of October 30. The exchange has repeatedly stated it would bear the financial impact of the stolen funds, setting aside approximately $6.34 billion of company funds internally to cover the losses.
Yi He, co-chief executive, revealed that 50% of Binance's Secure Asset Fund for Users (SAFU) would be used, while the company committed to replenishing the fund to about $1 billion. The money spent on replacement tokens came from SAFU, the Futures Insurance Fund, and corporate treasury, according to the exchange.
The other co-CEO, Richard Teng, described the breach as a "complex attack" involving a compromised laptop and malicious software designed to delete evidence, making it harder to trace. Crypto prices fell on October 30, though Binance sought to reassure customers that their funds remained safe.
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