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The bulk of the Binance heist unfolded in around 20 minutes beginning late on Thursday and bore similarities to previous large attacks blamed on North Korea, according to US blockchain analysis firms TRM Labs and Chainalysis.
Binance, the world's biggest cryptocurrency exchange, worked on Friday to shore up public confidence after a record $6.3 billion hack of its platform, promising it would cover all losses from company funds and allow clients to trade again within days.
Binance said customer funds were safe and it is working with industry partners to freeze some of the affected assets, with about $3 billion located so far.
The exchange also said on Friday afternoon US eastern time that its technical team was targeting a resumption of withdrawal services within approximately 34 hours.
Binance's other co-CEO, Richard Teng, said in a post on X that the breach was a "complex attack" that was not carried out by one person and included a compromised laptop as well as malicious software designed to delete evidence of its activity as it went along, "making it more difficult for us to trace and investigate."
The hackers were able to manipulate a system used to approve transactions to move money out of a Binance-controlled, internet-connected so-called "hot" wallet in a way that did not pass through normal approval controls, Teng said.
US President Donald Trump, asked on Friday whether North Korean hackers were behind the theft, said he did not know but his administration is looking into it.
The FBI said it is "aware of the incident and is engaged with relevant public and private partners to understand the scope of the activity, evaluate potential impacts, and coordinate appropriate investigative steps."
The Secret Service said that its investigators "are working around the clock with our private-sector partners, including Circle, to identify, freeze, trace and recover funds stolen from Binance on Thursday."
Abu Dhabi's Financial Services Regulatory Authority, which issued Binance's main operating license, said it is "engaging closely with Binance and monitoring the incident."