Binance resumes withdrawals after more than $6 billion stolen in hack - Tech Xplore

The cryptocurrency exchange processed approximately $4.7 billion in withdrawals between 6 a.m. GMT and 3:30 p.m. GMT on Sunday, following the suspension of services after the attack. The net outflow reached $3.64 billion, representing about 2.1% of Binance's total managed assets.

North Korean connection

The U.S. Federal Bureau of Investigation officially accused North Korea of orchestrating the theft in a statement released on Saturday. The agency confirmed that Pyongyang-affiliated group TraderTraitor was responsible for the attack, which occurred on or around October 29, 2026.

The Federal Bureau of Investigation (FBI) is releasing information advising 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

Market impact

News of the hack, considered the largest-ever cryptocurrency heist, caused major digital currencies to plummet. Bitcoin fell nearly 5%, Ethereum dropped almost 6%, and Binance's native token BNB tumbled by approximately 10%.

The attack has raised concerns about the expanding capabilities of artificial intelligence models potentially compromising cryptographic security protocols in the rapidly evolving digital asset landscape.

Binance's response

The exchange has committed to covering all losses from the attack, setting aside more than $6.34 billion in company funds. Binance has used company money to purchase tokens to replenish 90% of the stolen assets, while the remaining 10% consists of less liquid tokens that may take longer to acquire.

President Trump expressed skepticism about North Korea's involvement when questioned by reporters at his Florida residence late Saturday, stating, "We're learning about it. We don't know if it's North Korea."