Binance resumes withdrawals after $6bn crypto hack

In this photo illustration, the Binance logo is displayed on a screen on June 6, 2023 in San Anselmo, California.

Binance said Sunday that it had resumed withdrawals after a major hack that affected more than $6 billion in funds.

Binance, which is the world’s largest crypto exchange by daily trading volume, had suspended user withdrawals after the attack.

“First batch network now opened in phase one of withdrawals is $BTC bitcoin network,” Binance said on X.

The company said in an earlier update that it was preparing to resume the first phase of withdrawals between 0600 and 0900 GMT on Sunday.

“We are taking a phased approach by prioritising tokens based on the past week’s 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.

Binance said Saturday that it has set aside more than $6.34bn in company funds to cover losses in the hack, which is thought to be the biggest-ever crypto heist.

“User funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users,” it said on X.

News of the cyberattack caused the prices of most major cryptocurrencies to fall sharply on Friday.

AFP

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