Binance co-CEO Yi He has said the crypto exchange expects to restore withdrawal services within the next 48 hours.
"We're working on improving the withdrawal service and related address controls," she said.
According to Yi He, deposits are unaffected and are operating as usual.
However, Yi He didn't specify when withdrawal services would be fully restored.
This announcement was made after Binance temporarily paused deposits and withdrawals as it was looking into what appears to be the biggest crypto hack in history.
According to the crypto exchange, the estimated impact of the incident is around $6.3 billion. Crypto analytics firm Chainalysis has stated that the impact is around $6.4 billion.
Binance has already collaborated with blockchain partners to freeze about $3 billion of the affected funds.
Also, the crypto exchange has assured its customers that all losses will be covered by its Secure Asset Fund for Users (SAFU) and company funds.
What led to the massive Binance hack?
Binance has also released preliminary findings on what could have led to the security breach.
The crypto exchange claims that it could be the compromise of one of its DevOps engineers' laptops.
According to the exchange, the compromised laptop enabled the hacker to access a service container from which unauthorized withdrawal transactions were initiated.
However, the crypto exchange has also mentioned that no leaked wallet private keys have been found so far during the investigation.
Binance has already revoked authorization for the compromised address. The exchange is also collaborating with law enforcement agencies and blockchain intelligence firms to trace the stolen funds.
Binance has also promised to share a detailed technical report once the investigation is over. Also, it will release an updated Proof of Reserves after the security enhancements are completed.
North Korean hackers behind the attack
However, crypto analytics firm Chainalysis claims that the record-breaking attack could have been carried out by North Korean hackers.
According to Chainalysis, investigators found that crypto funds stolen in the Binance hack have been mixed with crypto associated with last month's Bitget exploit.
According to Chainalysis co-founder Jonathan Levin, TraderTraitor, a North Korean hacking group, could be the attacker.
Blockchain intelligence firm TRM Labs also has high confidence that TraderTraitor is behind the attack.
The North Korean hacking group has been associated with a number of big crypto thefts, such as the $1.5 billion Bybit hack in February 2025.
But Binance hasn't made any official statement yet about the attacker. Binance's investigation is still in progress.
Arman Shirinyan
Dan Burgin
