Binance to Resume Withdrawals in Phases After Recovering Bulk of Stolen Funds

Binance, the world’s largest cryptocurrency exchange, has announced plans to resume withdrawals in phases after recovering 95% of the $6.3 billion in tokens stolen from its platform. The incident marks one of the largest digital heists in the history of the sector.

According to updates shared by Binance on X late on Saturday, the phased resumption of withdrawals is scheduled to begin between 0600 and 0900 GMT on Sunday. The initial phase will cover major tokens including bitcoin, ether, BNB, Solana, XRP, and dogecoin, among others.

The company noted that the remaining 5% of the stolen tokens consists of less liquid assets, which may require more time to source in the required amounts.

Meanwhile, the Federal Bureau of Investigation (FBI) stated on Saturday that a North Korean state-sponsored cyber unit known as TraderTraitor was responsible for the attack. Law enforcement agencies observed members of the unit converting stolen assets into ethereum and cautioned that further laundering of the assets is expected.

Pyongyang has consistently denied involvement in state-linked cyber espionage and financial theft. Representatives from North Korea's mission in Geneva and its embassy in China did not respond to requests for comment regarding the FBI's findings.

"This incident highlights the critical importance of robust cybersecurity infrastructure and liquidity management in the digital asset sector. When exchanges face large-scale breaches, the speed of recovery and transparent communication with users are vital to maintaining market trust. As global regulatory scrutiny and law enforcement involvement increase, platforms must prioritize advanced threat detection and rapid asset tracing to safeguard user funds and ensure long-term operational stability." — Dr. Shishir Gupta, Founder & CEO, StartupLanes