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Binance Resumes Phased Bitcoin and Crypto Withdrawals After Record $6,360,000,000 Hack
Binance has begun reopening withdrawals in phases starting with bitcoin following the largest crypto theft ever recorded. The exchange confirms it will cover all losses itself while user funds remain fully protected.
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Binance has started reopening cryptocurrency withdrawals in stages after what the article calls the largest theft in the sector's history. Withdrawals had been paused as a precaution during the October 29 incident, when about $6.36 billion was drained from ten blockchains in roughly 20 minutes. The exchange says it has covered about 95 percent of the affected sum from its own resources. The company states user funds remain safe and that it will bear the whole financial burden instead of passing losses to customers. Deposits stayed open throughout, and a full post-incident report is planned once the investigation concludes. The FBI has linked the hack to TraderTraitor, described as an elite hacking unit from North Korea.
Why it matters: The case highlights how large losses from a single exchange breach can be and how a platform's handling of user funds draws attention.
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