Binance resumes Bitcoin, Ether withdrawals after $6.3 billion crypto hack linked to North Korea | World News - Hindustan Times

The exchange had covered around $6 billion of the stolen amount by using its own company funds to buy replacement tokens. Withdrawals of other affected cryptocurrencies would resume in phases, according to Reuters.

First phase allows withdrawals of 15 cryptocurrencies

In the first phase, Binance restored withdrawals for 15 cryptocurrencies including Bitcoin, Ether, XRP and Dogecoin. Bitcoin withdrawals resumed shortly after 0600 GMT on Sunday.

Withdrawals of Ether, BNB and some USDT and USDC stablecoins were also restored. The exchange said it would gradually allow users to withdraw the remaining affected cryptocurrencies.

Binance has replaced 95% of the stolen cryptocurrency

The exchange used its own money to cover approximately $6 billion of the $6.3 billion stolen in the attack. The remaining 5% consists of cryptocurrencies that are harder to find and buy in large quantities.

Binance explained these assets are less liquid, meaning they cannot be easily bought or sold without affecting their prices. The exchange said it could take longer to arrange the remaining tokens.

North Korean hackers blamed

The FBI identified a North Korean state-sponsored hacking group called TraderTraitor as responsible for the attack. The group has been linked to cyberattacks carried out to steal money and generate revenue for North Korea.

The FBI observed members of the group converting the stolen cryptocurrency into Ether and warned that the hackers could use related technologies to move and hide the stolen assets further.

Hackers struck in 20 minutes

Most of the theft took place within around 20 minutes, starting late on Thursday. The speed and method of the attack were similar to previous major cryptocurrency thefts blamed on North Korea.

US blockchain research firms TRM Labs and Chainalysis said the attack showed similarities to earlier cyberattacks linked to the country. Blockchain analysis firms study cryptocurrency transactions to track how digital money moves between accounts.

Binance bears financial losses

The exchange has repeatedly said it will take responsibility for the financial impact of the hack. Binance internally set aside around $6.34 billion of company funds to cover the losses.

The exchange worked with other cryptocurrency companies to freeze some of the stolen assets, with around $3 billion worth of affected assets located by Friday. Binance said it would use its own financial resources rather than pass the losses on to customers.

The money used to buy replacement cryptocurrencies came from three sources: Binance's Secure Asset Fund for Users (SAFU), its Futures Insurance Fund, and its corporate treasury.

Complex attack with compromised laptop

Binance co-CEO Richard Teng described the security breach as a "complex attack" involving a compromised laptop. The attackers also used malicious software designed to delete evidence of their activities.

This made it more difficult for investigators to trace the attack and understand how it happened. The company has been working to investigate the incident and recover the stolen assets.

Cryptocurrency prices fell

Cryptocurrency prices fell on Friday following news of the hack. Binance worked to reassure customers that their funds were safe despite the security breach.

The exchange allows users to buy, sell and trade digital assets such as Bitcoin and Ether. Binance had 335 million registered users worldwide and held around $162.8 billion in customer assets, according to its 2025 annual report.

Binance founder Changpeng Zhao thanked US law enforcement agencies for helping the company after the attack, particularly for their role in tracking and freezing the stolen cryptocurrency.