The Binance logo on a smartphone, February 28, 2023, in Marple Township, Pa. AP Photo/Matt Slocum, File.
Binance is preparing to restart withdrawals in stages between 1 a.m. and 4 a.m. Eastern time Sunday after the cryptocurrency theft that U.S. investigators have blamed on North Korea. The exchange said it has replaced about 95% of the affected assets using company resources, up from 90% in its previous update.
The company has not said all withdrawals are already open. Its first phase covers 15 blockchain networks, with access returning progressively as each network and asset passes security and readiness checks. Binance warned that some users may face delays or longer processing times during the rollout. Deposits remain open.
The timetable is more specific than the earlier 90% replacement update, which had set Sunday as the target without a withdrawal window.
In its latest update, Binance said Bitcoin, Ethereum, Tether, BNB, Solana, USDC, XRP, USD1, RLUSD and Zcash balances are fully backed. It is buying the remaining affected assets through market and over-the-counter transactions. The outstanding 5% consists of less-liquid tokens that take longer to obtain at the required scale, the company said.
Replacing affected assets with company money is separate from recovering cryptocurrency from the thieves. Binance said it continues working with law enforcement and industry partners to trace and recover stolen funds, and that the financial losses will not be passed on to users.
Phase one includes Bitcoin, Ethereum, BNB Smart Chain, Tron, Solana, XRP, Zcash, Dogecoin, TON, Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism and Sui. Availability depends on the specific asset and network, rather than a single switch restoring every withdrawal at once.
The American stakes extend beyond the exchange’s users. The FBI has attributed more than $6 billion in stolen cryptocurrency to North Korea and asked digital-asset businesses to block transactions tied to the stolen funds. The restart concerns access to customer assets on Binance; the announcement does not establish that Binance.US services are affected or changing.
Binance told users to check its withdrawal page or network-status page for their chosen token and network. It said a post-incident report would follow when the investigation is complete.
JBizNews Desk | Washington
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