Binance stabilizes withdrawals after $6.3 billion North Korea-linked hack
Binance experienced a surge in customer withdrawals after a $6.3 billion cyberattack, linked by the FBI to North Korea, with net outflows reaching $3.64 billion before stabilizing. The exchange has replaced 95% of stolen assets and pledged to cover all financial losses. The attack, attributed to the TraderTraitor hacking group, saw stolen assets converted into Ether, with authorities expecting further laundering attempts. Binance covered the losses using its $1 billion SAFU fund, Futures Insurance Fund, and corporate treasury, while disputing higher outflow figures from analytics platform DefiLlama. The exchange, with 335 million users, is gradually restoring withdrawal services for 15 tokens including Bitcoin and Ether. President Trump said it remains unclear if North Korea was responsible, while Binance co-CEOs detailed the complex breach and founder Changpeng Zhao thanked US law enforcement for freezing assets.