Binance, the world’s largest cryptocurrency exchange, has begun restoring withdrawal services following a massive cyberattack that reportedly resulted in the theft of $6.3 billion from its digital wallets last week.
The company announced a phased reopening of withdrawals, initially restoring access to 15 cryptocurrencies, including Bitcoin, Ethereum and Solana. Binance said additional assets and networks would become available gradually as security checks are completed, with priorities based on user demand.
By 10:30 a.m. ET, the exchange had processed approximately $4.6 billion in withdrawals and $1 billion in deposits. However, Binance warned that some transactions could experience delays while it continues testing its systems.
Binance confirmed that approximately 95% of the stolen funds are covered through its Secure Asset Fund for Users (SAFU), corporate treasury and Futures insurance fund. The company emphasized that users would not bear the financial losses, while noting that the remaining 5% involves less liquid cryptocurrencies that require more time to replace. Its top 10 digital assets are reportedly fully backed.
The FBI attributed the attack to TraderTraitor, a North Korean state-sponsored cyber group active since at least 2020. According to the bureau, the hackers have been converting much of the stolen cryptocurrency into Ethereum. North Korea has denied any involvement, describing the allegations as politically motivated.
Binance said it has been conducting security reviews, cooperating with law enforcement and working with industry partners to trace and recover the stolen assets. Cryptocurrency firms have reportedly managed to freeze approximately $3 billion worth of the stolen funds.
The exchange reassured users that market conditions remain stable and pledged to provide further updates as additional withdrawal services are restored.