Binance reopens withdrawals after major hack recovery begins
BROBROK News · Based on reporting by Bitcoin Magazine ·
Binance resumed customer withdrawals in stages after hackers drained about $6.3 billion from its hot wallets. The exchange says it has replaced most of the affected assets with company funds and is still sourcing the remaining tokens.
Key points
- Withdrawals restarted in phases, beginning with BTC and then expanding across multiple networks.
- Binance said it had covered 95% of the impacted amount with company resources.
- The exchange used its user protection fund, futures insurance fund and corporate treasury to rebuild balances.
- Binance released a new proof-of-reserves snapshot and a balance verifier for users.
- U.S. authorities have linked the attack to North Korea and are tracking frozen funds.
Why it matters
The incident is a stress test for a major exchange handling an unusually large loss while keeping customer access open. It also highlights how proof-of-reserves and rapid incident response shape trust after a security breach.
Original headline: “Binance Reopens Withdrawals as Hack Recovery Enters Second Week”
Read the original on Bitcoin Magazine
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.