Binance Resumes Withdrawals After Record $6.3 Billion Hack, FBI Cites North Korea
Binance resumed withdrawals after a record $6.3 billion hack, covering 95% of losses with company funds while the FBI blamed North Korea's TraderTraitor group. The exchange processed $4.6 billion in withdrawals against $1.0 billion in deposits, a net outflow of $3.6 billion, representing 2.1% of assets under management. Binance replaced stolen assets using company resources, pledging customers would not absorb the loss, with the remaining 5% in less-liquid assets pending acquisition. The FBI attributed the breach to TraderTraitor, a North Korean state-sponsored group, calling it the largest cryptocurrency hack on record. Attackers are converting stolen funds into Ethereum and routing them toward decentralized infrastructure, with recovery considered unlikely.