Binance began reopening withdrawals on Sunday, November 1, starting with bitcoin and assets on 15 other blockchains, after the roughly $6.3 billion hack disclosed last week. The first phase ran from 06:00 to 09:00 UTC, with ether, USDT, USDC, BNB and XRP also reopened. Later phases depend on each blockchain passing security and stability checks, CoinDesk reported.
The exchange says it has replaced about 95% of the stolen assets from company funds, up from 90% a day earlier, and that users will not bear the loss. The ten largest affected coins are fully covered, while the rest are less liquid tokens still being sourced. A full reserve audit is expected on Tuesday, November 3. About $3 billion of the stolen funds is frozen, mostly stablecoins that issuers can block. Bitcoin and ether cannot be frozen the same way.
Attribution moved on Saturday. An FBI notice, issued with the Secret Service and IRS-CI, said North Korea’s TraderTraitor group, a subunit of Lazarus Group, was behind the breach. It listed over 600 Ethereum addresses, just under 20 Bitcoin addresses and one Solana address, and asked node operators, instant exchanges and DeFi services to block them. The attackers have mainly converted funds into ether. Chainalysis CEO Jonathan Levin said they have already used thousands of addresses and may use tens of thousands.
Bitcoin traded near $77,900 on Sunday morning, up about 0.9% in 24 hours. Separately, the board of Nasdaq-listed Next Technology Holding authorized its CEO to sell or pledge about 5,833 BTC after the hack. No sale, amount or date has been set, and the company says the coins are not held at Binance.
The investigation is still open. The reserve proof due this week is the next test of Binance’s claim that its ten largest assets are fully backed.
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Sources:
- CoinDesk: Binance opens crypto withdrawals in phases starting with bitcoin following $6.3 billion hack
- CoinDesk: FBI confirms North Korea’s role in $6 billion Binance hack
- Crypto Insiders: Marktupdate, Bitcoin leeft op na belangrijk teken van herstel bij Binance
- Crypto Insiders: Beursbedrijf staat verkoop van 5.833 Bitcoin toe na Binance-hack
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