Binance Resumes Withdrawals After Record $6.3bn Hack

Binance has resumed customer withdrawals after a record $6.3bn hack, with the cryptocurrency exchange saying 90% of losses have been covered. The FBI has blamed the theft on North Korean state-sponsored group TraderTraitor, according to the Guardian.

The incident marks the largest-ever crypto hack, and it triggered a wave of customer exits. Binance users withdrew $3.6bn following the breach, the BBC reported, while the Guardian said investors pulled billions in funds from the platform. The exchange has begun to allow withdrawals again as it works through the fallout.

The scale of the customer outflow underscores how quickly confidence can drain from a centralized exchange after a security failure, even one where the platform says most losses are covered. Binance's statement that 90% of losses are covered leaves a remaining gap the exchange has not detailed in the sources provided.

The FBI's attribution to TraderTraitor ties the hack to a North Korean state-sponsored group, a designation that carries sanctions and geopolitical implications for any counterparties linked to the stolen funds. For investors, the key questions are the exchange's remaining loss exposure, the pace at which withdrawals are being processed, and whether the attribution affects recovery prospects for affected customers.

Binance has not disclosed further figures beyond the 90% coverage claim and the resumption of withdrawals. The $6.3bn figure makes this the largest crypto hack on record, and the $3.6bn in user withdrawals illustrates the immediate run on the platform that followed.