Binance, the world’s largest cryptocurrency exchange, said it had resumed withdrawals after a record $6.3 billion was stolen from its digital wallets last week.
“Today, we begin the gradual resumption of withdrawals, taking a cautious approach to ensure services return safely,” Binance co-CEO Richard Teng said on X early Sunday. “Our commitment remains clear: Binance will absorb the financial impact of stolen funds, not our users.”
The company resumed withdrawals for 15 digital currencies – including Bitcoin, Solana and Ethereum – at 7:36 a.m. ET. Binance “will continue to restore additional assets and networks in stages as security checks are completed.” The phases are prioritized based on user demand over the past week, the company said.
Binance said it processed approximately $4.6 billion in withdrawals and $1 billion in deposits as of 10:30 a.m. ET. The company said it is testing its remaining systems and assets.
“We know how important safe and reliable access to your funds is and will share details of the next phase as soon as possible,” Binance wrote. “Please be assured that market conditions are stable.”
Some users may experience delays or longer processing times, the company warned. Binance had suspended withdrawals on Friday after its system was hacked.
“We did not make this decision lightly. We understand how important reliable access to withdrawals is to our users,” the company wrote in a statement on X.
About 95% of the stolen amount is covered, the company said, because it plans to “fully absorb the financial impact of the stolen funds, not the users.” Binance said it used its Secure Assets Fund for Users – a reserve fund of around $1 billion in Bitcoin – as well as its corporate treasury and forward insurance fund to cover losses.
The 5% of tokens that have not been hedged are “less liquid in the market and take (a) longer time to supply at the required scale” than the top 10 coins, such as Bitcoin and Solana. These top 10 digital currencies are “100% fully guaranteed.”
The Federal Bureau of Investigation reported Saturday that TraderTraitor — cyber actors sponsored by North Korea since at least 2020 — were responsible for the theft. The FBI said TraderTraitor actors convert currencies, primarily to Ethereum.
“We sincerely thank (the FBI) for their strong support during this difficult time,” Binance posted on X in response to the bureau’s update.
Binance said it conducted security reviews, worked with law enforcement and partners to recover funds, and monitored risks following the breach.
“We recognize how difficult this time has been for our users and the broader Binance community,” the company said in a statement. “Thank you for your patience, understanding and continued trust as our teams treated this incident with the seriousness it demanded.”
Binance also thanked industry partners for freezing and tracing the stolen funds. A team of cryptocurrency companies managed to freeze around $3 billion in stolen assets.
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