Binance has resumed withdrawals for Bitcoin users following a major cyberattack that reportedly resulted in the theft of more than $6 billion in funds.
The world’s largest cryptocurrency exchange by daily trading volume had suspended user withdrawals after the attack, which is believed to be the biggest cryptocurrency heist on record.
In an update shared on X on Sunday, Binance announced that it had reopened the Bitcoin network for the first phase of withdrawals.
“First batch network now opened in phase one of withdrawals is $BTC bitcoin network,” the company said.
Binance had earlier announced that it was preparing to resume the first phase of withdrawals between 0600 and 0900 GMT on Sunday.
The exchange said it was adopting a phased approach, prioritising tokens based on user demand over the preceding week while ensuring that stability and security checks were completed before reopening each network and asset pair.
“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,” it said.
READ ALSO: Binance Seeks Out-of-Court Resolution In Nigerian Tax Case
The company also said on Saturday that it had allocated more than $6.34 billion in its funds to cover losses arising from the hack.
“User funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users,” it said in a statement on X.
Meanwhile, the Federal Bureau of Investigation accused North Korea of being behind the attack, confirming earlier suspicions by private investigators and cybersecurity analysts that the operation was linked to TraderTraitor, a hacking group affiliated with Pyongyang.
The incident is the latest in a series of high-profile cyber thefts linked to North Korea, which has developed an extensive hacking operation believed to generate funds for the country’s weapons programme.
News of the attack triggered a sharp decline in the prices of most major cryptocurrencies on Friday, as concerns over the security of digital assets spread across the market.