The key facts

  • Binance will begin the phased restoration of withdrawals within the next day and a half, provided security checks are successfully completed
  • Damage from the incident is preliminarily estimated at about $6.3 billion
  • About $3 billion in assets were frozen; the exchange promised to cover all losses with its own funds and the SAFU fund

Binance announces timeline for resuming withdrawals

Binance, the world's largest cryptocurrency exchange, intends to begin the phased restoration of its withdrawal service within the next day and a half. This was announced by the company itself, noting that the launch depends on the successful completion of security checks (Gazeta.Ru).

Scale of the incident and measures taken

According to the company's preliminary estimate, the incident affected assets worth about $6.3 billion. Earlier billions of dollars were withdrawn from the exchange's wallets: according to Gazeta.Ru, the attacker may have gained access to the system through a hacked engineer's laptop. About $3 billion in assets were frozen, after which the exchange suspended deposits and withdrawals and promised to cover all losses — using its own funds and the SAFU user protection reserve fund.

What remains unclear

Binance ties the resumption of withdrawals to the successful completion of security checks, so the stated timeline is preliminary. The outlet also reported «oddities» in the hacking accountmentioned earlier — that is, the circumstances of the system breach remain a subject of discussion. The publication does not reveal exact details of how the phased restoration of the service will proceed.