Binance Resumes Withdrawals After $6.3bn Crypto Hack, Covers 95% of Losses

Binance has begun restoring cryptocurrency withdrawals following a $6.3 billion cyberattack on the exchange, after replacing approximately 95 per cent of the stolen assets with company funds.

The world’s largest cryptocurrency exchange by trading volume announced on Sunday, November 1, that withdrawals would resume in phases, following the temporary suspension imposed after the attack.

The first phase covers 15 crypto assets across several blockchain networks, including Bitcoin, Ethereum, BNB, XRP and Dogecoin, as well as selected USDT and USDC stablecoins.

Binance said the phased approach would allow it to restore services gradually while completing security and operational checks. Additional assets and networks will become available as they meet the required readiness standards. Users may experience delays during the initial rollout.

In its latest recovery update, the exchange said it had replaced about $6 billion of the approximately $6.3 billion in cryptocurrency stolen during the breach, representing roughly 95 per cent of the affected amount.

The company said the outstanding portion consists mainly of less-liquid digital assets that could take longer to source in the quantities required.

Binance also assured customers that it would absorb the financial impact of the incident rather than pass the losses on to users. It said it was using company resources, including its Secure Asset Fund for Users (SAFU), to replenish the affected assets.

The Federal Bureau of Investigation has attributed the October 29 attack to TraderTraitor, a North Korean state-sponsored hacking unit. The agency said it had observed the attackers converting stolen assets into Ethereum and warned that further laundering attempts could follow.

Binance previously disclosed that preliminary investigations pointed to a compromised laptop belonging to a DevOps engineer and malicious software used to conceal evidence of the intrusion. The company said investigations were continuing.

The exchange described the reopening of withdrawals as an important recovery milestone but said security monitoring and the restoration of remaining services would continue.

Binance has pledged to publish a detailed post-incident report after the investigation is completed.