WASHINGTON: Binance resumed bitcoin, ether and some stablecoin withdrawals on Sunday after a major hack affecting more than $6 billion in funds resulted in the suspension of user withdrawals.
“First batch network now opened in phase one of withdrawals is $BTC bitcoin network,” Binance said on X. “We are taking a phased approach by prioritising tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened,” it said.
The company earlier claimed it set aside more than $6.34 billion to cover the losses in the hack, which is thought to be the biggest-ever crypto heist. “User funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users,” it said on X.
The heist, which the FBI has tied to a North Korean state-sponsored unit known as TraderTraitor and analysts believe may be the biggest financial robbery ever, adds to a string of recent crypto thefts. Last year, attackers stole $2.9bn worth of cryptocurrency across nearly 150 attacks, according to researchers at TRM Labs.
Claims to cover $6bn of stolen cryptocurrencies by using company funds to buy replacement tokens
Binance, which was founded in China, said the first phase of withdrawals would cover 15 crypto assets including bitcoin, ether, XRP and dogecoin. It said it had covered $6bn of stolen cryptocurrencies by using company money to buy replacement tokens. The remaining 5pc of stolen tokens consist of assets that are less liquid and may take longer to source in the required amounts, according to the exchange.
Pyongyang has for years denied using state-linked cyber units for espionage, financial theft and revenue. Its mission in Geneva and embassy in China did not respond to requests for comment.
Law enforcement observed members of the unit converting stolen assets into the cryptocurrency ether, the FBI said in a statement, adding that it expected “further laundering” of the assets through the use of related technology.
The bulk of the theft unfolded in around 20 minutes beginning late on Oct 29.
US President Donald Trump, however, said that the United States was still not certain if North Korea was involved. “We don’t know if it’s North Korea but if it is, we’ll talk to North Korea about it,” Trump told reporters in comments posted by a White House account on X.
In a post on X that quoted the FBI statement on North Korea’s involvement, Binance thanked the agency for its support. It did not respond to a request for comment on North Korea’s involvement.
Binance founder Changpeng Zhao, who was convicted in the US of failing to maintain an effective anti-money laundering programme before being pardoned by Trump last year, said US law enforcement agencies provided vital help, including by tracking and freezing the stolen assets. “A tweet can’t fully express our gratitude. Many crypto bros may not realize, a lot of the ‘why bitcoin didn’t drop more?’ credit goes to them,” Zhao wrote, referring to the US law enforcement agencies.
Crypto prices fell on Friday, while Binance sought to reassure customers that their funds were safe after the hack.
Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally and had about $162.8bn in assets under custody as of its 2025 annual report.
Published in Dawn, November 2nd, 2026
