Binance Hack: Withdrawals Resume as FBI Blames North Korea
Binance has begun restoring withdrawals in stages after a major hack, while the FBI attributes the theft of more than $6bn in cryptocurrency to North Korean hackers linked to the TraderTraitor campaign. The FBI says attackers converted much of the stolen crypto into ETH, published hundreds of associated wallet addresses and urged crypto services to block related transactions. It warned that funds could move through DeFi platforms and instant-swap services.
Binance planned to reopen withdrawals across 15 networks, including BTC, ETH, SOL and BNB Smart Chain, with the first phase scheduled between 06:00 and 09:00 UTC. The exchange warned of possible delays. Updates gave differing figures for asset recovery: one said Binance had replenished 95% of affected assets, while another put the figure at about 90%. Binance said major balances were fully backed, pledged to absorb losses rather than pass them to users, updated its proof-of-reserves wallet addresses and plans to publish an incident report.
The Binance hack has intensified scrutiny of exchange security and crypto laundering. One report counted 56 major crypto hacks in October, with estimated losses of $6.48bn, most of which it attributed to this incident. For traders, the staged withdrawal restart may ease immediate concerns, but delays, further movements of stolen funds and liquidity conditions remain key risks. The FBI has called for faster coordination across crypto services, and US President Donald Trump said he would speak with North Korea about the incident.
Bearish
The direct price outlook for BNB is bearish because the hack has raised concerns about Binance’s security and may weaken confidence in the exchange, potentially prompting some users to reduce exposure to BNB or Binance-linked services. In the short term, traders may react to withdrawal delays, changes in fund flows and further disclosures, increasing volatility and selling pressure. The staged reopening of withdrawals, Binance’s statements that major balances are backed and its commitment to absorb losses could limit panic and support stabilization. Over the longer term, the effect on BNB will depend on the investigation, recovery of assets and whether Binance can demonstrate stronger security and reliable operations. The reported theft is not evidence by itself that BNB’s reserves are impaired, so the bearish assessment reflects confidence and risk sentiment rather than a confirmed direct loss to the token.