Binance, the world’s largest crypto exchange, restored customer withdrawals after a cyberattack drained over $6 billion, in what is described as the biggest digital asset theft to date. Withdrawals resumed for 15 tokens and across 15 blockchain networks, including Bitcoin and Ethereum, after more than two days of suspension. According to DefiLlama, net outflows reached $3.5 billion by Sunday evening in Asia, though Binance stated that withdrawal volumes have since stabilised.
The company said it replaced about 95% of the stolen funds using its corporate treasury, emergency, and insurance funds, vowing not to pass losses to users. Binance also updated its Proof of Reserves addresses to new wallets as part of its security response. The US FBI and blockchain intelligence firms have attributed the attack to North Korea’s TraderTraitor group. Some experts link the rise in crypto hacks to the use of artificial intelligence by threat actors.
The event puts a spotlight on cyber risk management for financial institutions and digital asset platforms. Binance’s ability to absorb losses and maintain operations is being closely watched by market participants and regulators. The incident also adds to concerns about the resilience of crypto infrastructure as the sector becomes more integrated with mainstream finance.
