Binance resumes withdrawals after recovering most of $6.3 billion stolen in hack
The exchange says it has recovered about 95% of the stolen assets and has set aside company funds to cover the rest of the losses.
Key facts
Story- Binance says it has recovered about 95% of the $6.3 billion stolen in a cyberattack.
- The exchange has begun resuming cryptocurrency withdrawals in phases.
- The FBI is investigating and has linked the hack to North Korean group TraderTraitor.
Binance has begun resuming cryptocurrency withdrawals after recovering most of the $6.3 billion stolen in a hack, the exchange said. Binance said about 95% of the stolen digital assets have been retrieved, and the process will happen in phases.
The company said the remaining 5% is made up of less liquid tokens, which may take longer to source. On Saturday, Binance also said it had set aside more than $6.34 billion of its own funds to cover losses from the attack. The hack is thought to be the largest crypto heist on record.
How the attack unfolded
The FBI is investigating the cyberattack. It has linked the hack to a North Korean hacking group called TraderTraitor. The sources do not describe how the attackers gained access to the exchange's systems.
The theft has been widely described as the biggest in the history of cryptocurrency. Binance has not said how many customers were affected or whether any personal data was exposed.
What comes next
Binance has not given a timeline for when all withdrawals will be fully restored. Users are likely to see the process roll out gradually, starting with the most liquid assets. It is not yet known how long it will take to recover the remaining 5%, or whether the funds set aside by the company will be enough to cover every loss.
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