Binance Restores Major Crypto Withdrawals Following Massive $6 Billion Cyber Heist
Binance resumes phased withdrawals for Bitcoin and Ethereum after a record $6 billion hack. The exchange pledges to cover the majority of user losses.
POLICY WIRE — Global — The massive digital asset exchange Binance announced on Sunday that it has begun reopening withdrawals for several primary assets, including Bitcoin and Ethereum. This move follows a catastrophic security breach where more than $6 billion was stolen from the platform.
As the industry’s leading exchange by daily trading volume, Binance faced significant scrutiny after the attack, widely considered the largest cryptocurrency theft in history. The incident triggered a sharp decline in the valuation of most major cryptocurrencies this past Friday.
To mitigate the impact, the company committed to reimbursing 90% of the stolen funds. Binance plans to utilize corporate capital to purchase tokens and replace a substantial portion of the missing assets for its users.
While the exchange froze all user transactions immediately following the breach, it clarified that services would return in stages. The initial phase of this restoration commenced Sunday.
The exchange posted on X that the first batch of networks is now active for phase one of the withdrawal process.
As of 5 a.m. Eastern Time, Binance confirmed the restoration of withdrawals for Bitcoin, Ethereum, BNB, XRP, Base, Doge, and Optimism. The firm stated it will continue to enable additional networks and assets as comprehensive security evaluations are finalized.
In a statement released Saturday, the FBI accused North Korea of orchestrating the heist. This finding aligns with earlier assessments from private analysts and investigators who identified a Pyongyang-linked group known as TraderTraitor as the culprit.
TraderTraitor was previously linked to a $1.5 billion theft occurring on the Bybit platform in February of the previous year.
The FBI stated that information indicates the Democratic People’s Republic of Korea was responsible for the theft of over $6 billion USD in virtual assets from Binance on approximately October 29, 2026.
The federal agency noted they observed “TraderTraitor actors” moving the stolen wealth into Ethereum. They expect these assets to be further laundered through decentralized finance platforms and instant swap services.
Law enforcement is urging private sector organizations to block any transactions originating from or linked to addresses used by TraderTraitor to clean the stolen funds.
Reporting by Policy-Wire (PW)
