He Yi, Co-CEO of Binance, stated that the cryptocurrency exchange is expected to resume withdrawal services within the next 48 hours.

She said, "We are working on improving the withdrawal service and related address control."

He Yi stated that recharges are not affected, and the system is currently running normally.

However, He Yi did not specify when the withdrawal service would be fully restored.

Prior to this, Binance temporarily suspended deposits and withdrawals as it was investigating an incident that appears to be one of the largest hacker attacks in the history of cryptocurrencies.

According to Binance, the estimated impact of this incident is about $6.3 billion. The crypto analysis company Chainalysis indicates that the impact is around $6.4 billion.

Binance stated that it has collaborated with blockchain partners to freeze approximately $3 billion in affected funds.

This exchange also guarantees to its customers that all losses will be covered by its User Security Asset Fund ( SAFU ) and the company's funds.

How did this large-scale Binance hacking incident occur?

Binance also announced the preliminary investigation results regarding the possible causes of this security vulnerability.

The exchange stated that the issue may have arisen from the intrusion into the laptop of one of its engineers with the username DevOps.

According to Binance, the compromised laptop allowed hackers to access a service container, and it was from there that unauthorized withdrawal transactions were initiated.

However, the exchange also stated that so far, no private key leaks from wallets have been discovered in the investigation.

Binance has revoked the authorization of the involved address. The exchange is also cooperating with law enforcement agencies and blockchain intelligence companies to track the stolen funds.

Binance also promised to share a detailed technical report after the investigation is completed. In addition, after the security enhancement measures are finished, Binance will also release an updated reserve certificate.

Chainalysis claims that North Korean hackers may be the behind-the-scenes attackers

However, the crypto analysis firm Chainalysis claims that this record-breaking attack may have been carried out by North Korean hackers.

According to Chainalysis, investigators have found that the encrypted funds stolen in the Binance hack have been mixed with those involved in the attack on Bitget last month.

Co-founder Jonathan Levin stated that the North Korean hacking group TraderTraitor could be the attacker.

Blockchain intelligence firm TRM Labs also stated that it is highly confident that TraderTraitor is the mastermind behind this attack.

This North Korean hacking group is associated with several major crypto theft cases, such as the $1.5 billion Bybit hacking incident that occurred in February 2025.

However, Binance has not yet made any official statement regarding the identity of the attacker. Binance's investigation is still ongoing.