Binance says phase one of withdrawals opens after $6.3B hack

Binance said it has reopened its Bitcoin network in phase one of resuming withdrawals after a major hack of about $6.3 billion in funds.

The crypto exchange had suspended user withdrawals after the attack on Thursday, which the FBI blamed on North Korean operatives.

“First batch network now opened in phase one of withdrawals is $BTC bitcoin network,” Binance said on X.

In an earlier X announcement on Sunday, Binance had said it would roll out withdrawal services in phases, which will be progressively available. Updates will be available on its official X channel, it added.

“We are taking a phased approach by prioritizing tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened,” Binance said.

Users should check the withdrawal page for their selected asset and network, or visit the Binance network status page to confirm availability, the company said.

During the phased rollout, it is expected that there will be some congestion, longer processing times and even temporary delays, Binance said, so if a withdrawal is not successful, users should try again after a short while.

Cointelegraph reported on Saturday that Binance said it had replenished 90% of the assets stolen in the hack, up from 80% a day earlier, and remained on track to resume withdrawals Sunday.