Binance has announced the phased resumption of withdrawals following a massive $6.3 billion crypto theft that forced the exchange to freeze all deposits and withdrawals temporarily. The company revealed that it successfully covered 95% of the stolen assets and is actively working to recover the remaining portion, which consists of less liquid tokens that are harder to source at scale. Binance emphasized that it will absorb the financial loss from the breach without passing it on to its users, underscoring its commitment to protecting customer assets.

The decision to halt transactions was described by Binance as a difficult but necessary measure to manage the fallout, contain losses, and conduct thorough security checks. The exchange is gradually reactivating withdrawal services, with certain cryptocurrencies like Ethereum showing partial recovery status, while others, including Bitcoin, remain partially suspended to ensure security and stability. Users should expect some delays as processing times adjust to current traffic levels.

From 6am to 3:30pm Coordinated Universal Time on the day withdrawals resumed, Binance processed $4.6 billion in withdrawals against $1 billion in deposits, leading to a net outflow of about $3.6 billion, which represents 2.1% of its total assets under management. The breach has been linked by authorities to a North Korean hacking group called TraderTraitor, which reportedly converted much of the stolen funds into Ethereum and began laundering the digital assets.

Binance has indicated that it will publish a detailed incident report once the investigation concludes. The exchange continues to enhance its security measures while working on full recovery and restoration of all services. This incident marks one of the largest hacks in cryptocurrency history, putting Binance’s resilience and user protections under intense global scrutiny.