Binance restores US dollar withdrawals after major security breach

Cryptocurrency platform Binance has restored US dollar withdrawal options after a major security breach linked to North Korea, which resulted in $6.3 billion being stolen from the platform last week, according to Reuters.

The platform stated that its customers withdrew $3.64 billion, representing 2.1% of its assets, as operations resumed. Binance covered 95% of the stolen assets.

Binance said withdrawal activity has begun to stabilize after an initial surge, while deposit volumes have remained "substantial" following what analysts described as possibly the largest financial heist in history.

Cryptocurrency prices saw significant volatility, with Bitcoin dropping to a six-week low on Friday before recovering to over $78,000 on Monday. Ether also fell to a two-month low on Friday, rebounding to $2,287.

Binance allows users to buy, sell, and trade digital assets, and has 335 million registered users worldwide. The platform reported total assets under management of $171 billion as of October 28.

The Binance theft adds to a series of recent crypto asset heists, with researchers at TRM Labs noting that attackers stole $2.9 billion worth of cryptocurrencies last year across around 150 incidents.

The market value of stablecoins has declined since Friday, with CoinMarketCap.com reporting that the combined market capitalization of the two largest stablecoins, USDT and USDC, has dropped by about $1.2 billion since Friday.