Binance Restores Withdrawals in Phases After $6.3 Billion Theft

Binance begins phased withdrawal restoration

Cryptocurrency exchange Binance has begun allowing withdrawals again in phases after hackers stole $6.3 billion worth of crypto from its wallets. The company had frozen all deposits and withdrawals while its teams contained the incident, assessed the impact, restored affected services and completed security checks.

Binance said it has covered 95% of the stolen assets and is still buying the remaining affected assets. It described those holdings as less liquid in the market and said they take longer to obtain at the required scale.

The exchange said it will bear the financial impact of the stolen funds and that users will not be charged for the losses. It also acknowledged that access to withdrawals is important for customers, but characterised the freeze as a precaution during the response.

Service availability differs by network and asset

Withdrawals are not returning across the platform all at once. Binance said restoration will depend on the network and asset type, and warned that traffic volume could create temporary delays or longer processing times.

Its network status page showed mixed conditions on Sunday morning. Bitcoin deposits and withdrawals were listed as partially suspended. Ethereum deposits were listed as normal, while Ethereum withdrawals were still partially suspended.

Binance called the return of withdrawals a major milestone rather than the end of its recovery. The company said it would continue to strengthen safeguards, complete the recovery process and issue further updates. It also plans to publish a more detailed incident report after its investigation is complete.

FBI attributes breach to North Korean group

Binance had attributed the breach to North Korean hackers. On Saturday, the FBI said a North Korean group known as TraderTraitor was responsible. The bureau said the group was converting the stolen assets primarily into Ethereum and that further laundering was likely.

The event highlights an operational issue for companies holding or moving crypto: platform-wide availability may not reflect the status of a particular asset or network. Businesses should check asset-specific withdrawal conditions, account for processing delays and manage liquidity while Binance completes its recovery and security work.