Binance resumes trading after $6.3 billion theft

Binance resumed trading on Sunday after a cyberattack that resulted in the theft of $6.3 billion. The exchange, which serves 335 million registered users, reported that customers withdrew $3.64 billion during the period. This amount represented 2.1% of the platform's total assets.

The exchange stated that deposit volumes remained substantial and that withdrawal rates were stabilizing. Binance said it had covered 95% of the stolen value. The company used its Secure Asset Fund for Users, which holds $1 billion, along with its Futures Insurance Fund and corporate treasury to buy replacement tokens. Co-CEO Yi He said the firm would use 50% of its SAFU funds and commit to replenishing the reserve to its original level.

The FBI attributed the attack to TraderTraitor, a North Korean state-sponsored unit. Agents said the group converted stolen assets into ether and expected further laundering through related technology. The theft occurred in approximately 20 minutes late Thursday. Analysts at TRM Labs and Chainalysis noted that the method bore similarities to previous attacks blamed on Pyongyang. North Korea has historically denied using state-linked cyber units for financial theft.

President Trump said on Saturday that it remained unclear if North Korea was responsible. He told reporters that if the country was involved, the United States would discuss the matter with them. In a post on X, founder Changpeng Zhao thanked US law enforcement for helping track and freeze stolen assets. Zhao noted that the agencies' help prevented a larger drop in bitcoin prices.

Richard Teng, the other co-CEO, described the breach as a complex attack. He said hackers used a compromised laptop and malicious software designed to delete evidence. Binance is working with other firms to freeze affected assets. As of Friday, the exchange had located about $3 billion of the stolen cryptocurrency.

Binance is processing withdrawals in phases based on user demand. The first phase includes 15 tokens such as bitcoin, ether, and USDC. The exchange reported $171 billion in total assets under management as of October 28. DefiLlama, a crypto analytics platform, tracked higher outflows at $4.36 billion. A Binance spokesperson said this figure was inaccurate because it excluded flows to a new hot wallet.

The exchange has set aside $6.34 billion in company funds to cover losses. The remaining 5% of stolen tokens consist of less liquid assets. Binance said these may take longer to source in the required amounts. The platform allows users to buy, sell, and trade digital assets globally.