Binance Reactivates Bitcoin Withdrawals Following $6.3 Billion Hack

Following the cyberattack, the cryptocurrency exchange had temporarily suspended user withdrawals. The attack, which occurred on Thursday, was linked by the FBI to North Korean hackers.

Binance confirmed on X that the Bitcoin network is the first to be reopened in this initial phase of withdrawal resumption.

Earlier on Sunday, Binance declared via X that withdrawal services would be restored gradually in phases, with access being progressively reestablished. The company also noted that updates would be available through its official X channel.

Binance explained that it is using a phased approach, prioritizing tokens based on user demand data from the past week. This method allows each blockchain and asset pair to be carefully restored with stability and security checks completed before reopening access.

The firm encouraged users to check the withdrawal page for their specific asset and network, or to visit Binance’s network status page to verify when withdrawals are available.

Binance warned that during this staged rollout, users might experience congestion, longer processing times, or temporary delays. If a withdrawal attempt fails, users are advised to try again shortly after the initial attempt.

Reports from Cointelegraph on Saturday indicated that Binance has recovered 90% of the stolen assets up from 80% the previous day, and is on schedule to fully resume withdrawals by Sunday.

The phased restoration of withdrawal services on Binance is critical to securely reinstating user access after a significant security breach, ensuring system stability and safeguarding assets.