"8.4 Trillion Won Hack" Binance to Resume Withdrawals... "95% of Losses Covered"

Bitcoin and Other Cryptocurrency Withdrawals to Resume
FBI Points to North Korea as Behind Hacking Group

Binance, the world's largest cryptocurrency exchange, which suffered losses of about 8.4 trillion won in a hack, plans to resume withdrawal services in phases. The move comes after it secured assets to cover 95% of the losses caused by the hack.

Binance logo. Binance

According to major foreign media outlets on October 31 (local time), Binance plans to first resume withdrawals of major cryptocurrencies, including Bitcoin, Ethereum, BNB, Solana, Ripple (XRP) and Dogecoin.

Binance said it had secured assets to cover 95% of the losses caused by the hack. It said the remaining 5% was in less liquid assets, and that securing the necessary amount could take more time.

On October 29, Binance was robbed of cryptocurrency worth $6.3 billion (about 8.4 trillion won) in an attack that exploited an engineer's hacked laptop and a vulnerability in its transaction approval system. This is the largest cryptocurrency hacking incident on record.

The U.S. Federal Bureau of Investigation (FBI) identified TraderTraitor, a hacking group known to be affiliated with North Korea, as being behind the incident. After uncovering signs that the group had converted the stolen assets into Ethereum, the FBI is conducting a joint investigation with the U.S. Secret Service (USSS) and the Internal Revenue Service's Criminal Investigation division.

This content was produced with the assistance of AI translation services.