Binance said it has reopened its Bitcoin ($BTC) network for withdrawals, marking phase one of the exchange's effort to restore services after a major hack that resulted in the loss of about $6.3 billion in funds.

The exchange had suspended user withdrawals after the attack on Thursday, which the FBI blamed on North Korean operatives. Halting withdrawals after a security incident is a common protective measure among exchanges, pausing fund movements while an attack is investigated and systems are checked before access is restored.

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

In an earlier announcement on X on Sunday, Binance said it would roll out withdrawal services in phases, which will become progressively available. Updates will be shared through its official X channel, the exchange added.

"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," Binance said.

Restoring withdrawal access is a core step in returning an exchange to normal operation, since the ability to move funds in and out of the platform is among its most basic functions.

Users can check the withdrawal page for their selected asset and network, or visit the Binance network status page to confirm availability, the company said.

Binance warned that the phased rollout is expected to produce some congestion, longer processing times and even temporary delays, adding that users whose withdrawals do not go through should try again after a short while.

As Cointelegraph reported on Saturday, Binance said it had replenished 90% of the assets stolen in the hack, up from 80% a day earlier, and remained on track to resume withdrawals on Sunday. With asset replenishment last reported at 90% and additional withdrawal phases set to become progressively available, the outstanding share of stolen assets and the reopening of further asset and network pairs are the main items to track as the recovery proceeds.

The theft ranks among the largest in the cryptocurrency industry's history. US and international investigators have repeatedly linked North Korean state-affiliated hacking groups, such as the Lazarus Group, to billions of dollars in digital assets stolen from exchanges and other crypto platforms in recent years.

Magazine: Binance hackers raced to move billions before it could be frozen.

Source: Cointelegraph