Binance resumes crypto withdrawals after recovering most of $6bn stolen

Binance has resumed cryptocurrency withdrawals on its platform after recovering the bulk of funds stolen in a hack. The exchange said on Saturday that it has now covered 95% of the stolen assets. The theft was reported at $6.3 billion, according to one account.

The United States Federal Bureau of Investigation says the hackers are from North Korea. The exchange has traced the theft to a North Korean unit and is working to recover the remaining tokens. Law enforcement agencies are tracking how the stolen assets have been moved into other cryptocurrencies.

Recovery and losses

Binance has said it will cover the financial losses caused by the hack. Users can now withdraw their cryptocurrency again, the exchange said. The company has not said how much of the remaining 5% it expects to recover.

A pattern of state-linked theft

North Korea has been widely accused of stealing cryptocurrency to raise money for its government. Such thefts have targeted exchanges and other digital finance firms in recent years. Investigators say the stolen funds are often laundered through a chain of transfers to make them harder to trace.

What it means for Indian users

Indian customers who hold assets on Binance were unable to withdraw funds during the halt. With withdrawals now open again, users can move their holdings. The exchange has not said whether the hack affected any Indian accounts.

Binance has not said when the remaining 5% of the stolen assets will be recovered. Investigators are still tracing the funds. It is not yet clear how many people were affected by the withdrawal halt.