Jakarta, ThedailyID — Binance has resumed withdrawals for Bitcoin and several other cryptocurrencies after a record cyberattack resulted in the theft of billions of dollars in digital assets.
The world’s largest cryptocurrency exchange reopened withdrawals on Sunday, November 1. During the first phase, users could withdraw 15 types of digital assets, including Bitcoin, Ether, XRP and Dogecoin.
According to Reuters, Binance began restoring its withdrawal services shortly after 6 a.m. GMT.
The company plans to reopen withdrawals for other cryptocurrencies in stages. It said it needed to replace most of the stolen assets before fully restoring its services.
The hackers stole an estimated $6.3 billion in cryptocurrencies during the attack. Binance said it had already covered around 95 percent of the losses.
The company used its own funds to purchase replacement tokens worth about $6 billion.
However, the remaining assets present a greater challenge. Some of the stolen tokens have lower trading volumes, which could make it harder for Binance to purchase enough replacements quickly.
Binance has also worked with industry partners to freeze some of the stolen assets. The company said it had recovered or located around $3 billion by Friday, October 30.
The exchange has repeatedly said it would absorb the financial impact of the attack. It set aside approximately $6.34 billion in internal funds to cover the losses.
Binance also used part of its Secure Asset Fund for Users, known as SAFU, to support its recovery efforts.
According to the company, the fund includes a $1 billion Bitcoin reserve designed to protect customers during security incidents.
Co-CEO Yi He said on Saturday that Binance would use 50 percent of the SAFU fund to cover the losses. The company has pledged to replenish the reserve to around $1 billion.
The cyberattack has drawn international attention as investigators continue to search for those behind it.
The FBI has linked the attack to TraderTraitor, a North Korean state-sponsored hacking group. The agency said investigators had observed members of the group converting stolen assets into Ether.
Blockchain analysis firms have also pointed to similarities between the Binance breach and previous attacks attributed to North Korean hackers.
However, North Korea has repeatedly denied using state-linked cyber units for financial theft and other illegal activities.
U.S. President Donald Trump said his administration had not confirmed North Korea’s involvement.
“We don’t know if North Korea was involved. But if they were, we will talk to North Korea about it,” Trump said in a statement shared through the White House’s official X account.
The Binance attack has added to a growing list of major cryptocurrency thefts. According to Reuters, hackers stole about $2.9 billion in digital assets across nearly 150 attacks last year, citing data from research firm TRM Labs.
With 335 million registered users worldwide, Binance now faces the challenge of fully restoring its services while continuing efforts to track the stolen funds.
