Binance to Resume Customer Withdrawals in Phases After $6 Billion Hack Attempt

Binance will resume customer withdrawals in phases on Sunday, two days after hackers tried to drain more than $6 billion from the crypto exchange. The company called it the biggest cyber theft ever recorded.

The world's largest digital asset platform halted transactions on Friday morning in Asia after the breach was disclosed. Phase one withdrawals will run from 2 p.m. to 5 p.m. Singapore time, Binance said in a statement on X.

Phased restoration

Binance said it is prioritizing tokens based on past week data of user demand. The exchange wants each network and asset pair restored carefully, with stability and security checks completed before access is reopened.

"We are taking a phased approach by prioritizing tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened," Binance said.

FBI blames North Korea

The US Federal Bureau of Investigation said on Saturday that North Korea was responsible for the attempt. The breach was tied to TraderTraitor, an elite North Korean hacking unit that the FBI previously blamed for a 2025 attack on the Bybit exchange, which was the largest crypto heist until Binance.

Market holds, refunds continue

Prices of most major cryptocurrencies were little changed on Sunday, suggesting a renewal of investor confidence after Binance pledged to cover all losses. Bitcoin, which accounts for about 60% of the sector's entire market value, was trading at around $77,700, about 5% from its high on Thursday before the attack.

Binance said it has covered about 90% of the cryptocurrency that hackers absconded with, making progress on a pledge to fully reimburse customers. The funds drained in the attack were a mix of the largest cryptocurrencies, including Bitcoin, Ether, and the dollar-backed stablecoins USDT and USDC.

"Our commitment remains unchanged: Binance will bear the financial impact of the stolen funds," it said. "These losses will not be passed on to users."

The exchange is able to cover the losses as a result of its ongoing investment of revenue into cryptocurrencies, Binance co-Chief Executive Officer Richard Teng said in a video posted on social media on Friday. Yi He, who is co-CEO, said Binance's revenue for this year would completely cover the amount lost.

"On some level, this shows how much the industry has matured," said Haseeb Qureshi, managing partner at venture fund Dragonfly. "We saw extraordinarily quick responses."

For Nigerian crypto users, the update means withdrawals will return gradually, network by network, rather than all at once.