Binance resumes bitcoin, ether withdrawals after covering bulk of stolen US$6.3 billion - The Standard (HK)
Binance, the world's largest cryptocurrency exchange, resumed bitcoin, ether and some stablecoin withdrawals on Sunday after covering 95% of the US$6.3 billion in tokens stolen from its platform.
The first phase of withdrawals covers 15 crypto assets including bitcoin, ether, XRP and dogecoin. Bitcoin withdrawals resumed shortly after 0600 GMT, while ether, BNB and some USDT and USDC stablecoin withdrawals were also restored. The exchange said other withdrawals would follow in phases.
Binance confirmed it had covered US$6 billion of stolen cryptocurrencies by using company money to buy replacement tokens. The remaining 5% consists of less liquid assets that may take longer to source in the required amounts, according to the exchange.
North Korean Connection
The FBI announced on Saturday that the North Korean state-sponsored unit known as TraderTraitor was responsible for the attack. Law enforcement observed members of the unit converting stolen assets into ether and expected further laundering of the assets through related technology.
Pyongyang has for years denied using state-linked cyber units for espionage and financial theft. Its mission in Geneva and embassy in China did not respond to requests for comment. US President Donald Trump, however, stated that the United States was still not certain of North Korea's involvement.
We don't know if it's North Korea — but if it is, we'll talk to North Korea about it.
Financial Impact
Binance has been working with industry partners to freeze affected assets, with about US$3 billion located as of Friday. The exchange has repeatedly stated it would bear the financial impact of the stolen funds, setting aside approximately US$6.34 billion of company funds internally to cover the losses.
The money spent buying replacement tokens came from Binance's US$1 billion Secure Asset Fund for Users (SAFU), its Futures Insurance Fund, and corporate treasury. Co-CEO Yi He confirmed that 50% of SAFU funds would be used, with the company committing to replenish the fund to about US$1 billion.
Richard Teng described the breach as a "complex attack" involving a compromised laptop and malicious software designed to delete evidence of its activity, making it harder to trace and investigate. Crypto prices fell on Friday as Binance sought to reassure customers that their funds were safe.
Gratitude to US Authorities
In a post on X quoting the FBI statement on North Korea's involvement, Binance thanked the agency for its support. Founder Changpeng Zhao, who was convicted in the US before being pardoned by Trump last year, said US law enforcement provided vital help in tracking and freezing the stolen assets.
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 allows users to buy, sell and trade digital assets, with 335 million registered users globally and about US$162.8 billion in assets under custody as of its 2025 annual report. The exchange continues to work with authorities to recover the remaining stolen funds.
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