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Binance resumes withdrawals after $6bn hack

Bitcoin vs Altcoins — Credit: André François McKenzie by Unsplash
André François McKenzie by Unsplash

Binance, the world's largest cryptocurrency exchange by daily trading volume, has resumed customer withdrawals after a hack that affected more than $6 billion in funds.

The exchange had suspended withdrawals following the attack, which is thought to be the biggest cryptocurrency theft on record.

Binance said on Sunday that bitcoin was the first network to reopen as part of a phased restart.

It said it was prioritising tokens based on customer demand over the past week, with stability and security checks completed before each one reopened.

Binance has set aside more than $6.34 billion of its own money to cover the losses.

The company said customers would not bear the cost, adding that "user funds remain safe".

The FBI on Saturday blamed North Korea for the attack.

It confirmed earlier suspicions from private investigators that a group linked to Pyongyang, known as TraderTraitor, was responsible.

The theft is the latest in a series of large cyber thefts linked to North Korea.

The country has built a sophisticated hacking operation, and the money it raises is believed to help fund its weapons programme.

News of the attack sent the prices of most major cryptocurrencies sharply lower on Friday.