Binance Resumes Withdrawals after More Than $6 Bn Stolen in Hack - Jakarta Globe
Binance resumed withdrawals after processing $4.7 billion following a hack that saw over $6 billion stolen from the world's largest crypto exchange.
The cryptocurrency exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 0600 GMT and 1530 GMT on Sunday. This resulted in a net outflow of $3.64 billion, approximately 2.1% of Binance's total managed assets.
North Korean Connection
The FBI officially accused North Korea of orchestrating the theft in a statement released Saturday. The agency confirmed that Pyongyang-affiliated group TraderTraitor was responsible for the hack, which occurred on or around October 29, 2026.
The Federal Bureau of Investigation (FBI) is releasing information advising that the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance.
The FBI observed TraderTraitor actors converting stolen assets into Ethereum and warned of further laundering attempts through decentralized finance services. US President Donald Trump cast doubt on North Korea's involvement, stating, "We don't know if it's North Korea."
Exchange Response
Binance suspended user withdrawals after the attack but resumed them in phases beginning Sunday. The company has set aside more than $6.34 billion in company funds to cover losses.
Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident.
Binance has used company money to buy tokens to replenish 90% of the stolen funds, while the remaining 10% consists of less liquid tokens that may take longer to source in required amounts.
Market Impact
The hack, considered the biggest-ever crypto heist, caused significant price drops across major cryptocurrencies. Bitcoin plunged nearly 5%, Ethereum dropped nearly 6%, and BNB, native to Binance, tumbled nearly 10%.
The attack has raised concerns about AI capabilities compromising cryptography and IT security protocols. The sheer scale of the hack has also highlighted North Korea's ability to find illicit funding sources despite international sanctions over its nuclear and missile programs.
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