Binance resumes Bitcoin withdrawals after $6.3bn hack, says 95% of assets replaced - The Times of India
Binance resumed withdrawals of Bitcoin, Ether and some stablecoins on Sunday after hackers stole $6.3 billion worth of cryptocurrency from the world's largest cryptocurrency exchange.
The first phase covers 15 cryptocurrencies, including Bitcoin, Ether, XRP and Dogecoin. Bitcoin withdrawals resumed shortly after 0600 GMT, followed by Ether, BNB and some stablecoins, including USDT and USDC.
Hackers linked to North Korea
The FBI on Saturday attributed the attack to TraderTraitor, a cyber unit sponsored by the North Korean state. The agency said it had observed members of the group converting stolen assets into Ether and expected further attempts to launder the funds.
North Korea has repeatedly denied using state-linked cyber units for espionage, financial theft and revenue generation.
Exchange covers losses with company funds
Binance said it had spent around $6 billion buying replacement tokens. The remaining 5% of stolen assets comprises less liquid cryptocurrencies that could take longer to source in the required quantities.
The exchange has repeatedly assured customers that it would absorb the financial losses rather than pass them on to users. The company has set aside around $6.34 billion to cover the damage.
Gratitude expressed to US agencies
A tweet can't fully express our gratitude. Many crypto bros may not realize, a lot of the 'why bitcoin didn't drop more?' credit goes to them.
Binance thanked the FBI for its assistance in a post on X referring to the agency's statement on North Korea's alleged involvement. Founder Changpeng Zhao credited US law enforcement agencies with helping track and freeze the stolen assets.
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