Binance announced early Sunday that it would begin allowing withdrawals in phases, days after hackers stole $6.3 billion worth of cryptocurrency from its wallets. The exchange had frozen all deposits and withdrawals following the breach, which it has blamed on North Korean hackers.
In a statement, Binance said it has now covered 95% of the stolen assets and is still working to buy the remaining ones, which it described as "less liquid in the market and take longer time to source at the required scale." The company reiterated that it will bear the financial impact and that losses will not be passed on to users.
Binance Withdrawals Resume in Phases
Binance said the withdrawal freeze was not taken lightly, acknowledging "how important reliable access to withdrawals is for our users." It described the move as a necessary precaution while teams worked to contain the loss, assess impact, restore services and complete security checks.
The resumption will roll out in phases depending on network and asset type. As of Sunday morning, Binance's network status page showed a mix of normal, partially suspended and fully suspended statuses. For example, Bitcoin withdrawals and deposits remain 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," Binance warned. The company called the resumption a major milestone but said its work continues, including strengthening safeguards and completing the recovery process. A more detailed incident report will be published once the investigation is complete.
- 95% of stolen assets covered
- Withdrawals resuming in phases by network and asset type
