Cybersecurity · VIDEO
Binance Resumes Withdrawals After $6 Billion Heist: What We Know
Binance has reactivated withdrawals after the largest heist in cryptocurrency history, while the industry awaits answers about the breach. The attack, attributed to North Korea, involved 10 blockchains and prompted the company to bolster its defenses.
KEY TAKEAWAYS
- Binance has resumed withdrawals after the $6 billion heist, with $3.5 billion of outflows in just a few hours.
- The attack was attributed to the North Korean group TraderTraitor, also responsible for the $1.5 billion theft from Bybit in 2025.
- Binance has replaced 95% of the stolen cryptocurrencies using corporate and insurance funds.
- The company has promised to cover the losses without passing them on to users, although the final cost is still uncertain.
- Security experts believe that North Korean hackers have integrated artificial intelligence tools into their attacks.
Transcript
Binance has resumed withdrawals for clients after a massive cyber heist, described as the largest ever recorded, with over $6 billion stolen. The attack, attributed to a North Korean hacker unit known as TraderTraitor, targeted 10 blockchains, including Ethereum and BNB Smart Chain.
Binance has gradually reactivated withdrawals, starting with 15 tokens, including Bitcoin, Ether, USDT, and USDC. The FBI has identified TraderTraitor as responsible for the attack, which is believed to have originated from a compromised laptop of a software engineer.
Despite the attack's magnitude, the market reaction has been relatively contained, with major cryptocurrencies showing variations below 1%. Bitcoin, which represents about 60% of the sector's capitalization, is trading at $78,000, down 5% from Thursday's peak.
Binance has already replaced about 95% of the stolen cryptocurrencies using the company's treasury, emergency funds, and cyber insurance policies. Co-CEO Richard Teng confirmed that the exchange's annual revenues will fully cover the losses.
The event has highlighted the importance of cyber insurance and operational resilience in the crypto sector. Binance activated the Secure Asset Fund for Users (SAFU), an emergency fund established in 2018, to absorb part of the financial impact.
Binance has promised collaboration with law enforcement and full reimbursements for affected users. Co-CEO Yi He admitted security gaps and promised greater investments in protection and hacker countermeasures.
The attack occurs amid increasing regulatory attention towards the crypto sector, with companies needing to invest in crypto AML compliance and KYC exchange to prevent future attacks. The episode could influence the cyber insurance market and accelerate the adoption of disaster recovery and enterprise backup solutions in the digital financial sector.
