Binance initiates first phase of withdrawal resumption following $6.3B cyber breach
Following a massive security breach that the FBI attributes to North Korean hackers, the cryptocurrency platform has started a staged withdrawal process.
The cryptocurrency platform Binance announced that it has restored access to its Bitcoin network as the initial step in a phased approach to resuming withdrawal operations following a significant security breach that resulted in approximately $6.3 billion in stolen funds.
Following Thursday's cyberattack, which federal investigators from the FBI have attributed to operatives from North Korea, the digital asset exchange had halted all user withdrawal capabilities.
"First batch network now opened in phase one of withdrawals is $BTC bitcoin network," Binance said on X.
Earlier during the weekend on Sunday, Binance had announced via X that the company planned to implement a gradual restoration of withdrawal capabilities across its platform, with services becoming progressively accessible to users. The company indicated that ongoing updates would be shared through 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.
The exchange advised users to verify withdrawal availability by checking the withdrawal page corresponding to their chosen asset and network, or alternatively visiting the Binance network status page to confirm current accessibility, the company said.
The company cautioned that during this staged restoration process, users can anticipate experiencing some network congestion, extended processing durations, and potentially temporary delays, Binance said, so if a withdrawal is not successful, users should try again after a short while.
According to a Saturday report from Cointelegraph, Binance announced that it had successfully restored 90% of the digital assets taken during the security breach, representing an increase from the 80% recovery reported the previous day, and confirmed it remained on schedule to resume withdrawal operations Sunday.