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Binance resumes withdrawals after record $6.3 billion crypto hack. Binance has resumed cryptocurrency withdrawals following a major cyberattack that resulted in the theft of more than $6 billion in digital assets, with the FBI attributing the incident to North Korea. The world's largest cryptocurrency exchange by daily trading volume said on Sunday that it had reopened withdrawals for Bitcoin, with other networks and assets to be restored in phases, France24 reported. The company said it was prioritising tokens based on user demand over the previous week, adding that each network would undergo stability and security checks before withdrawals resumed. Binance said it had allocated more than $6.34 billion in company funds to cover the losses, which it described as a financial burden the exchange would absorb rather than pass on to customers. The FBI said on Saturday that North Korea was responsible for stealing more than $6 billion in virtual assets from Binance on or around October 29. The agency linked the attack to TraderTraitor, a hacking group associated with Pyongyang. According to the FBI, investigators had observed the attackers converting stolen assets into Ethereum and expected further laundering attempts through decentralised finance platforms and instant cryptocurrency swap services. The agency urged private-sector companies to block transactions involving wallet addresses linked to the suspected laundering activity. However, US President Donald Trump expressed uncertainty about North Korea's involvement, telling reporters in Florida on Saturday that authorities were still investigating and that it was not yet clear whether Pyongyang was responsible. The incident is the latest major cryptocurrency theft linked by investigators to North Korean cyber operations, which are believed to generate funds for the country's weapons programmes. News of the attack sent prices of most major cryptocurrencies sharply lower on Friday, highlighting the potential market impact of the breach.

The largest data breach targeting virtual currencies in history hit Binance and exposed the sector's cybersecurity risks. According to an expert, the data breach at the crypto exchange reinforces the need to bring the sector under traditional financial regulation. 1.11. 20:38 The widespread suspected hacking of Binance, the world's largest cryptocurrency exchange, is increasing uncertainty in the crypto markets, according to an expert. - Of course, something like this affects people's minds, says Kristo Lehtonen, director of international operations at Sitra. This is reportedly the largest data breach targeting virtual currencies. Binance has said the hacking compromised assets held in its cryptocurrency service worth about 5.6 billion euros. - What makes this significant is that Binance is the largest operator and in many ways a trendsetter. It erodes trust in the sector that they are hit by such a large attack and security breach. The attack on the cryptocurrency service sent the value of several cryptocurrencies down in the markets. For example, the value of Bitcoin, the largest cryptocurrency by market capitalization, dropped on Friday of this week to its lowest level in about six weeks. - It is very possible that in Binance's case trust is so strong that the damage stops here. But the opposite can also happen, as happened in the FTX case, where more and more problems kept being revealed, Lehtonen reflects. The case is not exceptional. Data breaches and thefts at crypto exchanges have also occurred before: the most recent large-scale data breach targeting cryptocurrencies was carried out at a cryptocurrency exchange called Bybit in February last year. The crypto exchange FTX, founded in 2019, in turn went bankrupt in 2022 when it was revealed that the company had used customers' funds without permission. There have also been several smaller-scale data breaches in the 2020s. - There are surprisingly many of these. Some are due to coding errors in which someone has been able to profit financially from a security problem in a service, such as a smart contract. Increasingly, the weakest link is the human being, meaning attackers gain access to keys or credentials, for example through phishing or malware. Lehtonen considers the wave of data breaches at crypto exchanges paradoxical, because the cryptocurrency market began from the distrust of traditional banking that followed the financial crisis. - A sector that was born out of distrust of centralized actors has now been hit by the largest crypto theft in history, Lehtonen reflects. For now, virtual currencies cannot be bought or sold on the service. Due to the data breach, virtual currencies cannot currently be bought or sold on Binance's cryptocurrency service. However, the company said today on the messaging service X that it would begin allowing withdrawals in stages. The company has also said it froze assets worth three billion dollars to prevent the theft. The company has promised to compensate investors for the financial losses possibly caused by the data breach. For investor confidence, Lehtonen considers it essential how quickly the crypto exchange's operations can be returned to normal. - Now what is essential is how quickly Binance can reopen its operations and enable withdrawals. Data breaches increase pressure for regulation. According to Lehtonen, the case reinforces the need to bring the crypto sector under traditional financial regulation. - Crypto operators must be brought under this kind of more traditional regulation, with which it can be ensured that matters have been handled in a high-quality and secure way. It would also make it possible to ensure that they are sufficiently financially sound, Lehtonen says. Regulation of crypto sector operators is still fragmented for now. In the European Union, the crypto market is subject to the MiCA regulation, which defines, among other things, the conditions under which crypto service companies can operate. In the United States, a separate federal law has been enacted for stablecoins, but comprehensive regulation of crypto markets is still lacking. Alongside insufficient regulation, artificial intelligence has also increased cybersecurity risks targeting crypto services. According to Lehtonen, the most advanced AI models can find vulnerabilities in systems faster and more extensively than before. - The more widely they become available to the general public, the more widely they will also be used by actors with malicious intentions. - In terms of cybersecurity, we have challenging times ahead. Pressure is indeed growing here, Lehtonen says. In the video below, people at a Bitcoin event in September explain why they want to invest in cryptocurrencies.

Binance warns users of fake $150 rewards as withdrawals resume. November 1, 2026 Blockonomi general Neutral Binance is actively warning its global user base against a fraudulent $150 reward scheme circulating online as the exchange resumes withdrawals in the aftermath of its $6.3 billion hack, with co-founder Yi He confirming that any legitimate community rewards must first clear official internal approval processes. The fake Binance reward scam is exploiting the heightened anxiety and confusion surrounding the exchange's post-hack recovery period, targeting vulnerable users who are already monitoring their funds closely. Yi He's direct communication underscores Binance's crisis management strategy - prioritizing transparent user messaging while investigators continue tracing stolen digital assets linked to the breach. Crypto users searching for Binance withdrawal updates, Binance hack compensation news, and exchange scam alerts should treat any unsolicited $150 bonus offer as a phishing attempt and verify all communications exclusively through official Binance channels. This warning arrives at a particularly sensitive moment, as user trust in centralized exchanges faces intense scrutiny following the record-breaking security incident, making phishing and social engineering attacks significantly more effective against distressed account holders. The convergence of a major hack recovery and opportunistic scam campaigns highlights the dual threat landscape crypto investors now navigate daily. Watch for official announcements from Binance and Yi He regarding any verified community compensation program as the exchange's internal review and asset recovery investigation progresses. Yi He says community rewards must await approval, while investigators continue tracing assets stolen in the exchange hack.