Binance, the world’s largest cryptocurrency exchange, has resumed Binance bitcoin withdrawals and ether withdrawals. The restart follows one of the largest crypto heists on record, which analysts believe is the biggest financial robbery ever.
The theft adds to a growing list of crypto attacks. TRM Labs says attackers stole US$2.9 billion in cryptocurrency through nearly 150 attacks last year.
How Much Did the Binance Hack Cost?
The key numbers from Binance and its partners are below.
- Stolen tokens: US$6.3 billion
- Recovered: 95% of stolen tokens
- Losses covered: about US$6 billion, funded by buying replacement tokens with company funds
- Internal allocation: about US$6.34 billion of company funds set aside
- Frozen with industry partners: about US$3 billion identified as of Friday
The remaining 5% consists of lower-liquidity assets. Binance says these may take longer to obtain in the required amounts.
Which Binance Assets Are Back Online?
Phase one covers 15 crypto assets. Binance says other assets will reopen in stages.
- Bitcoin and ether
- XRP and dogecoin
- BNB
- Stablecoins USDT and USDC
Bitcoin withdrawals restarted shortly after 0600 GMT on Sunday.
Who Is Behind the Binance Bitcoin Theft?
The FBI attributes the attack to TraderTraitor, a unit it says is state-sponsored by North Korea. Pyongyang has long denied using government-linked cyber units for espionage, financial theft and revenue generation.
Law enforcement traced members of the unit converting stolen assets into ether. The FBI expects further money laundering using related technology.
Most of the theft took place within about 20 minutes, starting late Thursday. Blockchain firms TRM Labs and Chainalysis say the pattern resembles earlier large attacks linked to North Korea.
US President Donald Trump said Washington is not yet sure whether North Korea was involved. “We don’t know whether North Korea is involved, but if it is, we will talk to North Korea about it,” he told reporters.
Binance co-CEO Richard Teng called the breach a “complex attack”. It involved a compromised laptop and malware designed to erase the attacker’s traces, making the investigation harder.
How Is Binance Paying for the Losses?
Binance is using its Secure Asset Fund for Users (SAFU), a US$1 billion bitcoin reserve meant to protect customers after a security breach. Part of the funding also came from the Futures Insurance Fund and the company’s corporate treasury.
Binance co-CEO Yi He said 50% of the SAFU fund will be used. The company has committed to restoring the fund to about US$1 billion.
Crypto prices fell on Friday while Binance worked to reassure customers that their funds remained safe.
Is Binance Listed on Bursa, and What Does It Mean for Malaysians?
Binance is not a Bursa-listed company, so there is no Bursa stock code to track. Its figures are still useful context for Malaysian crypto users.
- Registered users: 335 million worldwide
- Assets under custody: about US$162.8 billion, per its 2025 annual report
Binance founder Changpeng Zhao, who received a pardon from Trump last year after a conviction in the US, credited US law enforcement agencies. He said they helped track and freeze stolen assets. “One post on X is not enough to express our gratitude,” he wrote.
Disclaimer: This article is for general information only and is not financial advice. Crypto assets are volatile and carry risk. Always do your own research before making any financial decision.
Key Takeaways
- Binance resumed bitcoin and ether withdrawals after recovering 95% of the US$6.3 billion stolen.
- About US$6 billion of losses has been covered, mainly through company funds used to buy replacement tokens.
- Phase one covers 15 assets, with others reopening in stages.
- The FBI links the attack to North Korea’s TraderTraitor unit, which Pyongyang has denied being involved in.
- Binance is not listed on Bursa Malaysia and has no stock code.
Frequently Asked Questions
Has Binance resumed bitcoin withdrawals?
Yes. Binance resumed bitcoin withdrawals on Sunday shortly after 0600 GMT, along with ether, BNB, USDT and USDC. Phase one covers 15 assets, with others to follow in stages.
How much did Binance lose in the hack?
The stolen tokens were worth US$6.3 billion. Binance says it has covered about US$6 billion of losses using company funds.
Who is behind the Binance hack?
The FBI attributes the attack to TraderTraitor, a unit it says is backed by North Korea. Pyongyang has long denied using government-linked cyber units for theft.
Is Binance listed on Bursa Malaysia?
No. Binance is not a Bursa-listed company and has no Bursa stock code. Its 335 million registered users and about US$162.8 billion in assets under custody are the key figures for its customers.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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