NEW YORK: Binance, the world’s largest cryptocurrency exchange, has announced plans to gradually resume withdrawals after arranging coverage for 95% of the digital assets worth $6.3 billion stolen from its platform.
According to Binance, the first phase of the withdrawal process will begin on Sunday between 0600 and 0900 GMT. The initial phase will cover Bitcoin, Ether, BNB, Solana, XRP, Dogecoin and several other cryptocurrencies, allowing users to resume transferring and withdrawing these digital assets.
In a statement posted on the social media platform X late Saturday, the company said the remaining 5% of the stolen assets consisted of less liquid cryptocurrencies, which could take longer to source in the required quantities.
Meanwhile, the US Federal Bureau of Investigation (FBI) confirmed on Saturday that the cyberattack was carried out by TraderTraitor, a hacking group sponsored by the North Korean state.
According to the FBI, law enforcement officials observed members of the group converting stolen digital assets into Ethereum. The agency also warned that further laundering of the stolen funds could take place through the use of related technologies.
North Korea has repeatedly denied allegations that state-linked cyber units are involved in espionage, financial theft and revenue-generating activities. However, neither its mission in Geneva nor its embassy in China immediately responded to requests for comment on the latest allegations.
The incident is being described as one of the largest cryptocurrency thefts in history. Binance’s decision to gradually restore withdrawal services marks a significant development for users affected by the security breach.
