Binance, a major cryptocurrency exchange, announced early on Sunday that it will initiate withdrawals in a gradual manner.
The exchange had suspended all deposits and withdrawals after a significant hack resulted in the theft of $6.3 billion in cryptocurrency from its wallets. In a recent statement, Binance revealed that it has managed to recover 95% of the stolen funds and is actively working to procure the “remaining affected assets,” which are harder to source due to their lower liquidity in the market.
“We remain dedicated to our promise: the financial losses from the theft will not affect our users,” the company explained. “Binance will absorb the costs incurred by the stolen funds.”
Regarding the suspension of withdrawals, Binance noted that this was not a decision made lightly, acknowledging the crucial need for users to have consistent access to their funds. However, the firm emphasized that this was a necessary step as their teams worked to contain the damage, evaluate its consequences, restore services, and perform necessary security checks.
Withdrawals will be restored gradually, based on asset type and network conditions. As of Sunday morning, the company’s network status indicated varying degrees of withdrawal capabilities—Bitcoin withdrawals and deposits remain partially suspended, while Ethereum deposits are functioning normally, albeit with Ethereum withdrawals still partially suspended.
Additionally, Binance warned users to anticipate “temporary delays or extended processing times due to high traffic.”
“The resumption of withdrawals marks an important step forward, but our efforts are far from over,” Binance stated. “We will keep enhancing our security measures, finalizing the recovery process, and sharing updates as developments occur.”
The company also indicated that it will release a detailed report regarding the incident upon completion of its investigation.
Binance previously attributed the breach to hackers from North Korea. On Saturday, the FBI confirmed that a North Korean group called TraderTraitor was behind the attack, noting that the group was primarily converting the stolen assets into Ethereum, likely planning further laundering activities.
