Binance resumes withdrawals after record $6 billion crypto heist blamed on North Korea

Binance, the largest cryptocurrency exchange by daily trading volume, has begun restoring customer withdrawals after a massive security breach that resulted in the theft of over $6 billion (€5.38bn) in virtual assets. The attack, which occurred on or about October 29, 2026, is considered the biggest-ever crypto heist and caused sharp declines in major cryptocurrency prices on Friday. Binance announced it would cover the losses using company funds and has already replenished 90% of the stolen tokens.

The exchange suspended withdrawals immediately after the incident but said services would resume in phases, with the first phase starting on Sunday. Between 0600 GMT and 1530 GMT that day, the platform processed $4.65 billion (€4.17bn) in withdrawals and $1.01 billion (€905m) in deposits, resulting in a net outflow of $3.64 billion (€3.26bn), about 2.1% of total assets under management. Binance stated it had set aside more than $6.34 billion (€5.68bn) to cover the financial impact of the hack.

FBI accuses North Korea, Trump expresses doubt

The FBI issued a statement on Saturday accusing North Korea of being behind the theft, attributing the attack to the TraderTraitor group, which is believed to be part of the Lazarus Group. The Lazarus Group gained notoriety in 2014 for hacking Sony Pictures in retaliation for the film “The Interview”. TraderTraitor was also blamed for a $1.5 billion (€1.34bn) theft from the Bybit platform in February last year.

According to the FBI, “TraderTraitor actors” were converting the stolen assets into Ethereum and were expected to launder the funds through decentralised finance platforms and instant swap services. The bureau urged private sector entities to block transactions associated with addresses used by the group. However, US President Donald Trump cast doubt on North Korea’s involvement, telling reporters at his Florida residence: “I’m not concerned. We’re learning about it. We don’t know if it’s North Korea.”

Binance said it used company funds to buy tokens to replenish 90% of the stolen assets, with the remaining 10% being less liquid tokens that may take longer to source. The hack has raised concerns about the security of cryptocurrency exchanges and the expanding capabilities of AI models to compromise cryptography and IT security protocols. Following the news, Bitcoin fell nearly 5%, Ethereum dropped nearly 6%, and BNB, Binance’s native cryptocurrency, tumbled nearly 10%.