90% of stolen user assets covered as Binance resumes withdrawals following $6.3 billion hack

Withdrawals return in phases

Binance said early Sunday it would begin allowing withdrawals again through a phased process. The company said the schedule depends on the network and asset type. Its network status page showed mixed service levels on Sunday morning. Bitcoin deposits and withdrawals were partially suspended; Ethereum deposits were normal, while withdrawals were partially suspended.

Binance warned users to expect temporary delays or longer processing times because of traffic volume. It said restoring withdrawals was a major step, but work on the incident was continuing.

Coverage figures do not match

Binance’s latest update said the company had covered 95% of the stolen assets and was still working to obtain the remaining affected assets. It said those assets were less liquid and took longer to source at the required scale.

The headline states that 90% of stolen user assets are covered, which conflicts with the article’s account of Binance’s latest update reporting 95%. Binance said it would bear the financial impact and that losses would not be passed on to users.

Why services were frozen

The exchange froze deposits and withdrawals after hackers stole $6.3 billion worth of cryptocurrency from Binance wallets. Binance described the freeze as a precaution while teams contained losses, assessed the impact, restored services and completed security checks.

The company said it understood the importance of reliable withdrawal access, but considered the pause necessary as it responded to the breach. It also pledged to strengthen safeguards and continue providing updates.

Investigators identify suspected group

The FBI said the group was converting the assets primarily into Ethereum, with further laundering likely. Binance said it would release a more detailed incident report after its investigation was complete.