Binance Resumes Phased Withdrawals After $6.3 Billion Cryptocurrency Breach
Binance has begun a phased resumption of withdrawals following a massive security breach that resulted in the theft of $6.3 billion in cryptocurrency assets. The exchange had previously frozen all deposits and withdrawals to contain the incident. Binance confirmed it has successfully covered 95% of the stolen funds and committed to bearing the full financial impact, ensuring no losses are passed on to its users. The breach has been linked by the FBI to a North Korean hacking group known as TraderTraitor, which reportedly converted much of the stolen assets into Ethereum for laundering. While services are returning, withdrawal availability varies by asset type and network status; for instance, Bitcoin remains partially suspended while Ethereum deposits have returned to normal. Users should expect potential delays due to high traffic volumes during this recovery period.
Topics: asset recovery cryptocurrency hack cybersecurity breach withdrawal resumption
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Part of the story Binance CEO Announces 90% Recovery of Stolen Crypto Assets (5 articles)