The world's largest cryptocurrency exchange, Binance, is attempting to reassure users after a cyberattack that reportedly resulted in the theft of digital assets worth approximately $6.3 billion, in what is believed to be the largest cryptocurrency heist on record.
The platform recorded $3.64 billion in net outflows over a period of nine and a half hours on Sunday after partially restoring withdrawal services.
According to Reuters, the withdrawals represent around 2.1% of the assets held by the exchange. Market analysts noted that despite the scale of the breach, there has so far been no sign of widespread panic among users.
The attack took place on 29 October and has reignited concerns about the security of centralised cryptocurrency exchanges.
Binance moves to restore confidence
Binance said it would fully cover losses through a combination of corporate funds, insurance reserves and security contingency funds.
The exchange has begun gradually restoring withdrawal services while additional security checks continue.
According to the company, withdrawal activity has started to slow, while approximately $1 billion in new deposits has also been recorded since services resumed.
FBI points to North Korean hacking group
The Federal Bureau of Investigation (FBI) has attributed the attack to TraderTraitor, a cybercrime group linked to North Korea that has previously been accused of carrying out large-scale cryptocurrency thefts.
Among the incidents linked to the group was the attack on the Bybit cryptocurrency platform in 2025, during which digital assets worth an estimated $1.5 billion were stolen.
Efforts to trace and recover the stolen assets remain ongoing, with blockchain analysis companies and digital-currency issuers assisting investigators.
Market concerns return
The attack has once again highlighted cybersecurity risks facing the cryptocurrency sector at a time of growing institutional investment.
According to Reuters, investment products linked to Bitcoin recorded $643 million in outflows on Friday, while more than $1.3 billion worth of leveraged positions were liquidated.
Despite the turmoil, major cryptocurrencies showed signs of stabilising on Monday, with Bitcoin trading above $78,000.
The pace at which Binance restores full operations and honours its commitment to compensate affected users is expected to play a key role in rebuilding confidence across the digital-asset market.
Source: Reuters
