Binance Restores Withdrawals After $6.3B Hack, Covers 95%

Binance began restoring withdrawals in phases early Sunday, more than a week after hackers stole $6.3 billion in crypto from the exchange's wallets, according to TechCrunch. The exchange had frozen all deposits and withdrawals following the theft.

Why did Binance freeze withdrawals in the first place?

Binance said the freeze was a precaution "while our teams worked to contain the incident loss, assess its impact, restore affected services, and complete security checks," TechCrunch reported, citing the company's update. Binance said it did not make the decision lightly, acknowledging "how important reliable access to withdrawals is for our users."

How much of the stolen $6.3 billion has Binance recovered?

Binance said it has now covered 95% of the stolen assets and is still working to buy the remaining funds, which it described as "less liquid in the market and take longer time to source at the required scale," per the company update cited by TechCrunch. The exchange said it will absorb the loss directly: "Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users."

At a glance

• $6.3 billion: total value of crypto stolen from Binance wallets
• 95%: share of stolen assets Binance says it has covered so far

Who is being blamed for the breach?

Binance had already pointed to North Korean hackers. On Saturday, the FBI said a North Korean group known as TraderTraitor carried out the theft and is converting the stolen assets primarily into Ethereum, with further laundering considered likely, TechCrunch reported.

Are withdrawals back to normal yet?

Not fully. Binance is restoring access in phases depending on network and asset type. As of Sunday morning, the company's network status page showed a mix of statuses — normal, partially suspended, and fully suspended — across different assets, according to TechCrunch. Bitcoin withdrawals and deposits were listed as partially suspended, while Ethereum deposits had returned to normal status even as Ethereum withdrawals remained partially suspended. Binance also warned users to expect "temporary delays or longer processing times due to traffic volume" as the rollout continues.

What happens next?

Binance called the restart "a major milestone" but said "our work continues," adding that it would keep strengthening safeguards, finish the recovery process, and publish a more detailed incident report once its investigation concludes, TechCrunch reported.

What to watch

• Whether Binance's network status page moves Bitcoin and other partially suspended assets to fully normal withdrawal status
• Whether Binance closes the remaining 5% funding gap on the $6.3 billion in stolen assets
• Any updated findings from the FBI or Binance's own incident report tracing the TraderTraitor group's laundering through Ethereum
• Possible regulatory or law-enforcement follow-up tied to a North Korea-linked state hacking operation of this scale