Binance resumes Bitcoin withdrawals after $6.34bn hack blamed on North Korea

Binance opened Bitcoin network withdrawals on Sunday in the first phase of a staged recovery after a hack that cost the exchange more than $6.34 billion — thought to be the largest crypto theft on record.

The exchange had suspended all user withdrawals after the attack. It said it was prioritising assets based on the previous week's user demand and running stability and security checks before reopening each network.

Binance confirmed it has set aside more than $6.34 billion in company funds to cover losses, stating that user funds would not bear the cost of the stolen assets.

The FBI on Saturday attributed the attack to TraderTraitor, a hacking group affiliated with North Korea. Private investigators and analysts had reached the same conclusion earlier. North Korea has built an extensive cyber operation that generates funds believed to help finance its weapons programme.

News of the attack sent most major cryptocurrency prices sharply lower on Friday.