Binance says phase one of withdrawals opens after $6.3B hack

Binance reopened its Bitcoin network in the first phase of restoring withdrawals. This means users could begin requesting withdrawals of Bitcoin through that network again after the exchange suspended withdrawals following the hack. The reopening marked the first step in returning normal access to user funds.

The key example is Binance’s announcement that the “first batch network” opened was the Bitcoin network. Users were told to check the withdrawal page for their chosen asset and network, or the Binance network status page, to confirm whether access was available.

Bitcoin was only the beginning of the rollout. Binance said other assets and networks would return progressively, based on user demand and after stability and security checks. The company also warned that congestion, longer processing times, and temporary delays could occur while the phased system was being restored.

More generally, a cryptocurrency exchange is an online service that lets users buy, sell, trade, and hold digital assets. It manages account balances and connects users with blockchain networks. A withdrawal means transferring an asset out of the exchange, usually to a personal wallet or another exchange. The source focuses on Binance restoring this function after suspending it.

For example, a user holding Bitcoin on Binance could request a Bitcoin withdrawal. Binance would process the request through the Bitcoin network, provided that network and asset pair were available. The user was advised to check the withdrawal page or Binance’s network status page before trying.

Withdrawals matter because they give users access beyond the exchange itself. Binance was reopening them cautiously rather than all at once. It said each network and asset pair needed stability and security checks, while demand data helped determine the order of restoration.

The reported hack was enormous, involving about $6.3 billion in funds. The article describes it as a major, record hack and says the FBI blamed North Korean operatives. Binance suspended user withdrawals after the attack, making the scale of the incident relevant to both security and access to customer assets.

Binance later reported that it had replenished 90% of the assets stolen in the hack. That figure was an increase from 80% reported one day earlier, according to Cointelegraph. Replenishing assets means replacing funds that had been taken, helping the exchange restore its reserves and support withdrawals.

The reported recovery did not mean every withdrawal immediately reopened. Binance still used a phased rollout, beginning with Bitcoin and applying security and stability checks to each network and asset pair. It remained on track to resume withdrawals Sunday, but warned users about possible delays during restoration.

Binance chose a phased reopening to reduce the risks of restarting withdrawals after a major hack. Rather than opening every asset and network at once, it said each pair would be restored carefully. This approach matters because a rushed restart could create further instability or expose unresolved security problems.

The company said it was prioritizing tokens according to user-demand data from the previous week. It began with the Bitcoin network, then planned to make other networks and assets progressively available. Before each reopening, Binance said stability and security checks had to be completed.

The phased plan meant users would not regain access to every asset immediately. They needed to check the withdrawal page for a selected asset and network, or use Binance’s network status page. The process could take time, but it was designed to support a more controlled and secure recovery.

During the withdrawal restart, users could experience congestion, longer processing times, or temporary delays. These problems matter because a withdrawal may not complete quickly even after the relevant asset and network become available. Binance warned users in advance that the phased rollout would not necessarily operate at normal speed.

For example, a user might submit a withdrawal request and find that it does not succeed immediately. Binance advised checking whether the selected network was open and trying again after a short while if the request failed. Users could also consult the withdrawal page or Binance network status page.

Delays could result from congestion while services were being restored and from the careful security and stability checks required for each network and asset pair. The company did not promise instant processing. Instead, it said access would expand progressively as systems were checked and demand was managed.

When the FBI attributes a cyberattack to a group, it publicly identifies that group as responsible or suspected of responsibility. In this article, the FBI blamed North Korean operatives for the attack on Binance. That attribution helps frame who investigators believe carried out the hack, but it is not the same as a court finding described here.

The article provides no details about the FBI’s investigative methods, evidence, arrests, or prosecutions. It only reports the agency’s attribution. The exchange itself focused on the immediate operational consequences: it suspended withdrawals and then began restoring them in phases.

The attribution adds an important security context to the incident. Binance was dealing with stolen funds, network access, and user withdrawals while the attack was linked by the FBI to North Korean operatives. The article does not state what further action the FBI planned or whether the alleged attackers were captured.

A blockchain network is a shared digital record of transactions. On Bitcoin’s network, transactions show the movement of Bitcoin between digital addresses. Instead of relying on one traditional bank to maintain the record, participating computers maintain and verify the network’s transaction history. The source specifically identifies Bitcoin’s network as the first network Binance reopened.

For example, when a user withdraws Bitcoin from Binance, the exchange sends a transaction through the Bitcoin network to the user’s chosen address. The network processes and records that transfer. Binance’s withdrawal page determines whether the relevant asset and network are currently available.

This structure allows digital assets to move without a conventional bank handling every transfer. However, the source emphasizes that access still depends on the exchange and network operating properly. Binance warned that its phased reopening could bring congestion, longer processing times, and temporary delays while security and stability checks continued.