Binance to Gradually Restore Withdrawals After $6 Billion Hack
Binance plans to resume customer withdrawals in phases following a significant security breach that resulted in over $6 billion in stolen assets.
Binance will restart withdrawals in stages starting November 1.
The FBI links the hack to North Korea's TraderTraitor group.
Binance has replaced 90% of the stolen assets and assures customers of no losses.
Binance, the world's largest cryptocurrency exchange, has announced a phased resumption of customer withdrawals beginning on November 1, following a massive theft exceeding $6 billion that led to the suspension of transactions. The first phase is set to occur from 2 p.m. to 5 p.m. Singapore time, with plans to restore additional cryptocurrencies and blockchain networks after conducting necessary security checks.
The decision to halt withdrawals was made after a breach was disclosed on Thursday, which prompted Binance to act swiftly to protect its users. The FBI has attributed the cyberattack to the TraderTraitor hacking group, believed to be associated with North Korea, which had previously executed a $1.5 billion theft from another exchange, Bybit, in 2025.
In response to the incident, Binance reported that it has successfully replaced approximately 90% of the stolen cryptocurrencies, including Bitcoin, Ether, and various stablecoins. Co-CEO Richard Teng reassured customers that the exchange would absorb the financial losses through its accumulated operating revenue, while fellow co-CEO Yi He indicated that the annual revenue would suffice to cover the impact of the breach.
The hack has raised significant concerns regarding security within the cryptocurrency industry, especially as hackers are increasingly employing artificial intelligence for reconnaissance and social engineering tactics. Binance, which holds around $135 billion in assets, has emphasized its commitment to user protection through its Secure Asset Fund for Users, established in 2018, which typically maintains a reserve near $1 billion.
As investigations continue, authorities are examining a potentially compromised software engineer's laptop and other possible vulnerabilities. However, Binance has stated that there is no evidence suggesting that private wallet keys were compromised, which could have led to further losses. The exchange is under increased scrutiny as it navigates the aftermath of this unprecedented security breach.
