Binance Restarts Withdrawals After Major Theft Recovery

Binance, the largest cryptocurrency exchange globally, has announced the resumption of withdrawals for bitcoin, ether, and some stablecoins starting November 1. This comes after the platform successfully recovered approximately 95% of the $6.3 billion worth of digital assets stolen during one of the biggest hacks in financial history.

Details of the Theft

This hacking incident is believed to be linked to North Korean cybercriminals, as assessed by the FBI. Analysts suggest that this may be the most significant financial theft to date, adding to a growing trend of crypto assaults. In 2025 alone, attackers reportedly stole $2.9 billion from nearly 150 separate incidents, according to researchers from TRM Labs.

Withdrawal Phases

The recovery plan for withdrawals will unfold in stages. The first phase includes the restoration of 15 different cryptocurrencies, covering major tokens such as bitcoin, ether, XRP, and dogecoin. Withdrawals for bitcoin restarted shortly after 0600 GMT, with ether and several stablecoin options like USDT and USDC following suit.

FBI's Findings

The FBI announced on October 31 that a North Korean state-backed group known as TraderTraitor orchestrated the attack. Despite longstanding denials from Pyongyang regarding its involvement in cyber theft and espionage, the FBI noted that operatives were seen converting the stolen funds into ether, setting the stage for further financial laundering.

Although the exact details of the theft remain under investigation, blockchain analysis firms like TRM Labs and Chainalysis identified it as resembling other major attacks historically attributed to North Korean hackers.

Administration Response

U.S. President Donald Trump expressed uncertainty about North Korea's actual involvement during a press briefing, stating, “We don’t know if it’s North Korea – but if it is, we’ll talk to North Korea about it.”

Binance's Commitment to Customers

Binance is actively collaborating with industry partners to freeze and secure some affected funds, with roughly $3 billion in stolen assets identified as of October 30. The exchange has assured its users that it will absorb the financial repercussions of the hack by allocating around $6.34 billion from its own reserves to cover losses.

The funds used to replenish stolen assets primarily came from Binance's Secure Asset Fund for Users (SAFU), a reserve established to protect customers during security breaches, as well as from its Futures Insurance Fund and corporate treasury. Co-CEO Yi He mentioned that half of the SAFU funds were utilized, with a commitment to restore the amount back to $1 billion.

Richard Teng, the other co-CEO, described the attack as a “complex” operation that involved compromised devices and software specifically designed to erase traceable evidence, complicating recovery efforts.

Effects on Cryptocurrency Market

Following the news of the breach, cryptocurrency prices experienced a decline. Binance took prompt measures to reassure its numerous users—around 335 million globally—regarding the safety of their funds.

In its 2025 annual report, Binance reported controlling an impressive $162.8 billion in assets.

Gratitude Towards Law Enforcement

In a post acknowledging the FBI's findings on North Korea’s role, Binance expressed its gratitude towards U.S. law enforcement for their substantial support during the crisis, particularly in tracking and freezing the stolen cryptocurrencies. The company’s founder, Changpeng Zhao, highlighted that a significant part of Bitcoin's stabilization amidst the chaos was thanks to these efforts.

Zhao stated, “A tweet can’t fully express our gratitude. Many in the crypto community might not recognize that much of the reason for Bitcoin's resilience can be attributed to their work.”