In a significant update following a substantial security breach, Binance, one of the world’s largest cryptocurrency exchanges, has reactivated its Bitcoin withdrawal network. This is the initial phase in a broader effort to restore full withdrawal functionality after the recent incident that resulted in an estimated $6.3 billion in stolen assets.
The exchange had paused all user withdrawals following the cyberattack that occurred last Thursday, which the FBI has attributed to agents associated with North Korea.
Binance announced on X, “The first batch network currently launched in phase 1 of withdrawals is the $BTC Bitcoin network.” This step marks the beginning of a phased approach to reopening withdrawals on the platform.
According to a prior announcement from Binance on Sunday, the reinstatement of withdrawal services will be gradual, with features becoming accessible in stages. Users are encouraged to monitor the official X channel for updates and specific timelines regarding each stage of the rollout.
“We are taking a phased approach by prioritizing tokens based on user demand data over the past week,” Binance explained. “This allows us to carefully restore each network and asset pair, completing stability and security checks before access is resumed.”
As the company embarks on this phased reopening, users are advised to check the status of their selected assets and withdrawal networks on the Binance network status page. The exchange has cautioned that during the initial stages of this rollout, users might experience congestion, extended processing times, and occasional delays. If a withdrawal attempt fails, users are encouraged to retry later.
In a noteworthy development, Cointelegraph reported that Binance has successfully reclaimed 90% of the assets taken during the hacking incident, increasing from 80% just a day prior, and is planning for further withdrawal capacity by Sunday.
This incident has highlighted the vulnerabilities within the cryptocurrency space, and Binance is actively taking steps to fortify its security protocols while regaining user confidence.
