Hajra Naz
Cryptocurrency exchange Binance announced early Sunday that it would begin restoring withdrawals through a gradual process.
The company previously froze all deposits and withdrawals after hackers stole $6.3 billion worth of digital assets from Binance wallets. In its latest public update, Binance stated it has now covered 95% of the stolen funds. The company is actively working to acquire the remaining affected assets, noting that those tokens are less liquid in open markets and require extra time to source at scale.
“Our commitment remains unchanged: Binance will bear the financial impact of the stolen funds,” the company added. “These losses will not be passed on to users.”
Regarding the platform freeze, Binance noted it did not make the decision lightly. The company explained that it fully understands how essential reliable withdrawal access is for traders. However, Binance insisted the pause was a necessary safety precaution while internal teams contained the incident, assessed overall damage, restored services, and completed critical security checks.
Binance will resume withdrawal services in phases depending on individual blockchain networks and token types. As of Sunday morning, the exchange’s network status page displayed a mix of normal, partially suspended, and fully suspended operational statuses. For instance, Bitcoin deposits and withdrawals remained partially suspended, while Ethereum deposits operated normally alongside partially suspended withdrawals.
Read More: Binance Freezes Withdrawals as Hackers Allegedly Steal Billions in Cryptocurrency
The company cautioned that users should expect temporary processing delays or longer wait times due to high traffic volume.
“Resuming withdrawals is a major milestone, but our work continues,” Binance stated. “We will continue strengthening our safeguards, completing the recovery process, and providing updates as progress continues.”
Binance later disclosed that between 6:00 AM and 3:30 PM UTC, it processed $4.6 billion in withdrawals against $1.0 billion in deposits. This resulted in a net capital outflow of $3.6 billion, representing roughly 2.1% of its total assets under management.
The exchange promised to release a comprehensive post-incident report once its internal investigation concludes.
Binance previously pointed to North Korean hackers as the likely culprit. On Saturday, the FBI confirmed that a state-sponsored North Korean cyber group known as TraderTraitor executed the breach. Federal investigators noted the group was actively swapping the stolen assets primarily into Ethereum, with further money-laundering steps expected to follow.
