Binance Begins Phased Crypto Withdrawals After Covering 95% of $6.3 Billion Hack

Binance has initiated a phased reopening of crypto withdrawals across 15 networks, starting with Bitcoin, after replenishing approximately 95% of assets taken in a record $6.3 billion security breach. The exchange absorbed the loss internally using corporate treasury funds, its Futures Insurance Fund, and the Secure Asset Fund for Users (SAFU), keeping user balances whole. The multi-chain hot-wallet exploit occurred on October 29 and was linked by the FBI to North Korea's TraderTraitor group. Partner exchanges froze roughly $3 billion of the illicitly moved assets, while Bitcoin dropped about 5% following the hack.