Users of Binance withdrew $3.6bn (£2.7bn) in net assets from the world's largest cryptocurrency exchange on Sunday as platform transactions reopened following what is believed to be the largest digital asset hack in history. The exchange had previously suspended operations after a security breach impacted $6.3bn worth of digital assets on its global platform, Binance.com, though its US-facing platform reported no impact.
Major organizations, including the US Federal Bureau of Investigation (FBI), have attributed the cyber-attack to TraderTraitor, a North Korean cybercrime group also known as the Lazarus Group. Investigators indicate that the breach may have originated from a compromised engineer's laptop, which allowed unauthorized transactions. On Saturday, the FBI published specific cryptocurrency wallet addresses tied to the group and urged industry partners to block related transactions, while blockchain intelligence firm Chainalysis noted that hackers continue to actively launder the stolen funds across thousands of addresses.
Binance has stated that it has covered approximately 95% of the stolen assets using a mix of corporate treasury funds, futures insurance, and emergency reserves, reiterating its pledge to fully cover all user losses. The exchange has gradually resumed withdrawals for more than two dozen major cryptocurrencies, including Bitcoin and Ethereum, with remaining services slated to return in phases following security clearances.
