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<\/div>\nBinance began restoring customer withdrawals Sunday after hackers drained over $6 billion in the biggest cyber theft ever recorded<\/a>, as the crypto industry awaits answers on the breach blamed on North Korea and steps to strengthen the exchange\u2019s defenses.<\/p>\n The world\u2019s largest digital-asset platform reopened Bitcoin withdrawals after 2 p.m. Singapore time, more than two days after halting them following the breach. By evening in Asia, the exchange had seen some $3.5 billion in net outflows, according to DefiLlama data. Co-Chief Executive Officer Yi He said on X some transfers<\/a> are between Binance wallets.<\/p>\n The first phase of withdrawals covers 15 tokens, including Ether and the two biggest stablecoins, Tether\u2019s USDT and Circle Internet Group Inc.\u2019s USDC, Binance said on X<\/a>. Withdrawals on 15 blockchain networks including Ethereum, BNB Smart Chain, XRP and Base resumed by around 8:30 p.m. in Singapore, according to the company.<\/p>\n Read more:<\/strong> Binance\u2019s $6.3 Billion Hack: How Crypto Insurance Works<\/a><\/p>\n Binance dwarfs its industry rivals, with roughly $132 billion in assets, compared with about $29 billion at the second-largest exchange OKX. \u201cWe are taking a phased approach by prioritizing tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened,\u201d Binance said.<\/p>\n Quantitative trading firm SQS Trading has about a quarter of its trading capital on Binance, and is cutting that by roughly a third, according to founder Eli Williams, who added that it won\u2019t flatten positions or reduce usage of the exchange as a venue for hedging. \u201cIt\u2019s hard to forecast what the net impact will be at this point but we will be monitoring capital outflows and volume impact relative to other major venues,\u201d Williams said.<\/p>\n Others are holding off any changes. Justin d\u2019Anethan, head of research at Arctic Digital, a private markets advisory firm, said he\u2019s not fazed by the hack. \u201cWhen something seems fishy, it\u2019s good to act fast; but when something catastrophic happens, it\u2019s better to hold off doing anything,\u201d he said. \u201cI haven\u2019t and wouldn\u2019t move away from Binance.\u201d<\/p>\n A spokesperson for Binance said the withdrawal volumes \u201cspiked at the beginning,\u201d but are now stabilizing to what the company considers normal activity, and a small percentage of its overall assets under management.<\/p>\n The restart tests Binance\u2019s promise to make customers whole following a theft four times the size of the previous record crypto hack at Bybit in 2025. The US Federal Bureau of Investigation said on Saturday the Binance attack was carried out<\/a> by TraderTraitor, an elite North Korean hacking unit it also held responsible for the roughly $1.5 billion Bybit theft.<\/p>\n
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