Cryptocurrency exchange Binance announced on Sunday that it has begun restoring user withdrawals for major digital assets following a massive cyberattack that resulted in the theft of more than $6 billion in virtual assets.
Recognized as the world’s largest digital asset exchange by daily trading volumes, Binance experienced the breach on or about October 29, 2026. News of the security failure—believed to be the largest cryptocurrency heist in history—triggered a sharp downward spiral in the prices of major cryptocurrencies across global markets on Friday.
In response to the crisis, Binance initially froze all user withdrawals while investigating the breach. The exchange has since opted to bring services back online in gradual phases. “First batch network now opened in phase one of withdrawals,” the platform posted on social media.
As of 5 a.m. Eastern Time on Sunday, Binance confirmed that withdrawal capabilities had been restored for Bitcoin, Ethereal, BNB, XRP, Base, Doge, and Optimism. The company stated that it will “continue to restore additional assets and networks in phases as security checks are completed.”
To mitigate the financial impact on its user base, Binance pledged to cover 90% of the total losses. The company intends to use its own corporate funds to purchase tokens to replenish the vast majority of the pilfered assets.
Meanwhile, federal law enforcement has formally intervened in the investigation. In a statement released on Saturday, the Federal Bureau of Investigation attributed the multi-billion-dollar breach to North Korea. The announcement confirmed earlier suspicions voiced by independent cybersecurity analysts and private investigators pointing toward a Pyongyang-linked hacking collective known as TraderTraitor.
The same collective has been implicated by authorities in previous large-scale digital thefts, including a $1.5 billion breach targeting the Bybit platform in February of the previous year.
“The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026,” the bureau’s statement declared.
Federal investigators reported tracking the digital movement of the stolen funds, noting that TraderTraitor operatives have begun converting the pilfered assets into Ethereum. The FBI warned that these holdings are expected to undergo further laundering through decentralized finance protocols and instant swap services.
In light of these developments, law enforcement agencies are actively urging private-sector entities and platforms “to block transactions with or derived from addresses TraderTraitor actors are using to launder these stolen assets.”
