Binance Restarts Withdrawals After Theft Linked to North Korea, Covers 95% of Stolen Funds

According to the South China Morning Post, the cryptocurrency exchange has started permitting withdrawals subsequent to a theft that occurred last week, an incident the FBI believes originated from North Korea.

As the world's largest cryptocurrency exchange resumed operations on Sunday, Binance customers withdrew US$3.64 billion, which represents 2.1 per cent of the exchange's assets, after hackers linked to North Korea stole billions from the platform last week.

Binance stated that withdrawal activity was stabilizing following an initial surge, and that deposit volumes had remained "substantial." The theft, which analysts believe may be the biggest financial robbery ever, adds to a string of recent crypto thefts. Withdrawal levels are being viewed as an initial indicator of whether customers maintain confidence in the exchange after the attack. The exchange also announced that it had managed to cover 95 per cent of the US$6.3 billion in stolen assets.

Analysts suggest that the theft, which some believe could be the most significant financial robbery ever, contributes to a series of recent cryptocurrency thefts. Withdrawal levels are being viewed as an initial indicator of whether customers maintain confidence in the exchange after the attack. Separately, researchers at TRM Labs reported that attackers stole US$2.9 billion worth of cryptocurrency across nearly 150 incidents over the past year, according to the source.