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The cryptocurrency exchange says it is gradually restoring withdrawal services following a major security incident involving the alleged theft of billions of dollars in digital assets.

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the phased resumption of withdrawal services following a major security breach reportedly resulting in the theft of approximately $6.3 billion in digital assets.

The company disclosed on Sunday that it had begun gradually restoring withdrawals, allowing users to regain access to their funds as the recovery process continued.

The reported breach has raised fresh concerns about security within the cryptocurrency industry, particularly the protection of digital assets held on major trading platforms.

Binance’s phased approach is expected to allow the exchange to manage the restoration process while addressing security concerns arising from the incident.

The reported financial loss, if confirmed, would represent an enormous setback for the cryptocurrency sector and could further intensify calls for stronger cybersecurity measures and improved protection for investors.

However, further details about the nature of the breach, the affected digital assets, the attackers and the recovery of the stolen funds have not been established in the information provided.