Binance resumes withdrawals after a $6.3 billion hack
Crypto exchange Binance began reopening withdrawals Sunday, starting with bitcoin, ether and other major tokens, after about $6.3 billion was stolen from the exchange beginning late Thursday. The FBI said Saturday that the North Korean state-sponsored unit TraderTraitor was responsible; President Trump said the U.S. is not yet certain of North Korea's involvement. Binance says it has covered 95% of the stolen amount, about $6 billion, with company funds and that the losses will not be passed on to users.
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Why it matters
Binance users who could not move their funds after the hack can again withdraw bitcoin, ether and some other major tokens, with more assets to follow in phases. Binance says it replaced the stolen funds with company money and that the losses will not be passed on to users.
Sources
- Reuters (via Investing.com): Binance resumes bitcoin, ether withdrawals after covering bulk of stolen $6.3 billion
- CoinDesk: Binance opens crypto withdrawals in phases, starting with bitcoin
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