Binance reopens bitcoin withdrawals in phased recovery after hack

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Binance bitcoin withdrawals recovery

Highlights

Binance reopened Bitcoin withdrawals on its network in a phased approach after a $6.3 billion hack, focusing first on tokens with highest user demand.
Binance is progressively restoring withdrawal services by network and asset, performing security checks and warning users about potential delays and congestion.
By Saturday, Binance had replenished 90% of the assets stolen in the hack, up from 80% a day earlier, supporting a Sunday resumption of broader withdrawals.

Phased reopening plan for withdrawals

As reported by Cointelegraph, citing Binance in posts on X, the exchange has reopened its Bitcoin network in the first phase of resuming withdrawals after a hack involving about $6.3 billion in funds.

The company says withdrawal services are being restored progressively, with tokens prioritized based on user demand data from the past week. Binance says each network and asset pair is being brought back only after stability and security checks are completed before access is reopened.

Users are being told to check the withdrawal page for their chosen asset and network, or the Binance network status page, to confirm what is available. Binance also says the phased rollout may bring congestion, longer processing times and temporary delays, and advises users to try again later if a withdrawal fails.

Security recovery and market implications

Withdrawals had been suspended after the attack on Thursday, which the FBI blamed on North Korean operatives. Binance says the staged restart is intended to limit operational risks while it restores access across more networks.

Cointelegraph reported on Saturday that Binance had replenished 90% of the assets stolen in the hack, up from 80% a day earlier, and remained on track to resume withdrawals on Sunday. The update suggests the exchange is moving to stabilize customer access while managing pressure on one of the crypto sector's largest trading platforms.

In our earlier coverage of CTOS Digital Bhd’s cybersecurity incident, we detailed how the breach and resulting service disruptions were expected to hit the company’s financials, with management estimating a RM12 million drop in profit and a RM16 million decline in revenue if some services stayed unavailable into late October. We also noted that the market was factoring in a longer recovery period, as prolonged disruption can raise operating costs and weigh on customer confidence even after services start coming back online.

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