– Binance reported a cybersecurity incident on its global platform in which roughly US$6.3 billion in crypto was taken from hot wallets. The FBI has attributed the attack to a North Korean state-sponsored group. About US$3 billion has been traced or frozen so far; Binance says it will cover remaining losses from company funds and an insurance reserve.
– Binance TH (operated by Gulf Binance) temporarily paused crypto deposits and withdrawals as a precaution while reviewing its systems. It later stated that deposits had returned to normal, trading and Thai-baht transfers were unaffected, and only crypto withdrawals remained paused pending further checks. The company stressed that its custody is separate from the global exchange.
– Thailand’s Securities and Exchange Commission said it has so far found no significant impact on customer assets held by licensed local operators and has instructed them to monitor the situation, check asset security, and report any issues promptly.
– After withdrawals resumed globally, Binance saw net outflows of roughly US$4.7 billion as some users moved funds. Thai users of Binance TH face temporary limits on moving crypto off the platform but can still trade and use baht services. Users of the global site face the broader recovery process.
Bangkok: A major cybersecurity incident on the global Binance exchange led to temporary service restrictions on its Thai affiliate and prompted Thailand’s securities regulator to assess risks to local customer assets, even as Binance TH insists its systems and funds are separate and secure.
Binance disclosed that attackers drained approximately US$6.3 billion from hot wallets on its main platform. The FBI has said the North Korean state-sponsored group known as TraderTraitor was responsible. The company has worked with blockchain partners, including Tether and Circle, to freeze roughly US$3 billion of the stolen assets on-chain.
It has stated that customer losses will be covered from its Secure Asset Fund for Users, company reserves and additional funds raised for the purpose, and that the amount involved represents a small fraction of total user assets. Withdrawals were paused for more than two days before services began returning; after reopening, the exchange recorded substantial net outflows as users moved funds elsewhere.
In Thailand, Gulf Binance (Binance TH) announced a temporary suspension of digital-asset deposits and withdrawals while it conducted a security review. The company said digital assets held for its customers remained safe because its offline storage and custody arrangements are independent of the global Binance platform. Later updates indicated that crypto deposits had returned to normal, trading continued, and Thai-baht deposits and withdrawals were unaffected, while crypto withdrawals remained temporarily paused for additional checks. No specific restart time for full withdrawals was given in the initial notices.
Thailand’s Securities and Exchange Commission said it has been monitoring the overseas incident and coordinating with licensed digital-asset operators. Based on reports received so far, the regulator has found no significant impact on customer assets held by operators in Thailand. It has instructed those operators to continue assessing risks, verify the security of customer assets, report any problems immediately, and provide accurate information to customers if services are restricted.
For Thai users the practical effects differ depending on which platform they use. Customers of the licensed Binance TH platform can continue trading and moving Thai baht but face temporary limits on withdrawing cryptocurrencies while the local review continues. Users who hold accounts on the global Binance site are subject to the broader recovery timeline and any remaining service limitations announced by the parent exchange. In both cases, the companies have said user funds are not at risk of direct loss from the incident and that any shortfalls will be covered by Binance rather than customers.
The SEC has explained that licensed Thai operators must keep customers informed of any service changes. Binance TH has said it will restore full deposit and withdrawal functions once its security review is complete. The situation remains under active monitoring by both the company and Thai regulators.
For a lot more on the situation, what exactly happened, and the possible repercussions, see here or the link below.