Binance Resumes Withdrawals After Major Hack Impacting Over $6 Billion

Binance announced on Sunday that it has resumed withdrawals after a major hack that affected over $6 billion in funds. The company, known as the world’s largest cryptocurrency exchange, had previously suspended withdrawals following the attack.

In a message on X, Binance stated that the first phase of withdrawals has begun with the Bitcoin network. The company had informed users that it was preparing to restart withdrawals between 0600 and 0900 GMT on Sunday.

Binance explained that it is taking a careful approach by prioritizing tokens based on user demand from the past week. This method allows them to restore each network and asset pair while ensuring stability and security.

To cover the losses from the hack, Binance has set aside more than $6 billion from its own funds. The company reassured users that their funds remain safe and that it will absorb the financial impact of the stolen money, rather than passing it on to users.

The FBI has linked the hack to North Korea, identifying a group called TraderTraitor as responsible for the attack. This incident is part of a series of high-profile cyber thefts associated with North Korea, which has developed a strong hacking operation believed to support its weapons program.

The news of the cyberattack led to a sharp decline in the prices of many major cryptocurrencies on Friday.