Binance resumes withdrawals after major hack

Binance, the world's largest cryptocurrency exchange, has started allowing customers to withdraw funds again three days after a major security breach. The incident, which some reports estimate at around $6.3 billion, was linked to a North Korean hacking group called TraderTraitor by the FBI.

Hack attributed to North Korean group

The FBI identified the North Korean cybercriminal group TraderTraitor as responsible for the breach. Binance confirmed that the first phase of Bitcoin withdrawals is now open, following earlier announcements about a planned resumption of access on Sunday.

Step-by-step withdrawal process

Binance is resuming withdrawals in a gradual manner, prioritizing tokens based on user demand from the past week. The company emphasized that each network-asset pair will be restored carefully after stability and security checks are completed.

Binance bears financial loss

The company assured users that their funds are safe and that Binance itself will cover the financial impact of the stolen assets. Withdrawals might face delays due to high traffic, the company warned.

North Korea's cyber capabilities exposed

The Binance hack highlights North Korea's ability to conduct cyberattacks despite international sanctions related to its nuclear program. The incident also reveals vulnerabilities in the cryptocurrency sector's leading platform, potentially prompting users to leave the platform once withdrawals are available.

Binance reconstructs 90% of stolen funds

Binance has reconstructed 90% of the stolen funds by purchasing assets matching those taken. The company is now working to recover the remaining 10%, which consists of less liquid assets that may take longer to acquire.