Binance Begins Phased Withdrawal Resumption After $6.3 Billion Hack
Binance announced it will restart withdrawals in stages after covering most of the stolen assets.
Exciting news for Binance users! Early Sunday, the cryptocurrency exchange confirmed it will start allowing withdrawals again, but in a phased approach.
The platform had frozen all deposits and withdrawals after hackers stole assets valued at $6.3 billion from Binance wallets. In its latest update, Binance reported that it has now covered 95% of the stolen assets and is continuing to purchase the “remaining affected assets,” which are described as “less liquid in the market and take longer time to source at the required scale.”
“Our commitment remains unchanged: Binance will bear the financial impact of the stolen funds,” the company said, adding that “These losses will not be passed on to users.”
Regarding the withdrawal freeze, Binance explained that the decision was not taken lightly because “how important reliable access to withdrawals is for our users.” The freeze was deemed a necessary precaution while teams worked to contain the incident, assess its impact, restore services, and complete security checks.
Withdrawals will resume in phases, depending on network and asset type. As of Sunday morning, Binance’s network status page showed a mix of statuses: Bitcoin withdrawals and deposits are listed as partially suspended, while Ethereum deposits are normal and withdrawals are partially suspended. Users should expect “temporary delays or longer processing times due to traffic volume.”
“Resuming withdrawals is a major milestone, but our work continues,” Binance stated. “We will continue strengthening our safeguards, completing the recovery process, and providing updates as progress continues.” The company also promised a more in‑depth incident report once the investigation is finished.
Binance previously blamed North Korean hackers for the breach. On Saturday, the FBI identified a North Korean group called TraderTraitor as responsible, noting that the group was converting the assets primarily into Ethereum, with further laundering likely.
Stay tuned for more updates as Binance works through the final steps of recovery.
