Binance Resumes Bitcoin Withdrawals After $6.3B Hack

Binance reopens Bitcoin withdrawals as phased recovery begins

Binance has restarted Bitcoin (BTC) withdrawals on November 1, marking the first step in a phased recovery after the exchange suspended withdrawals following a major $6.3 billion security breach on October 29. The resumption is part of a carefully staged plan to restore customer access to funds while engineers complete security and stability checks across multiple networks and asset types.

What reopened first: Bitcoin leads the initial phase

The exchange prioritized Bitcoin withdrawals on its native network during the first window, running from 06:00 to 09:00 UTC. Binance founder Changpeng Zhao (CZ) confirmed the move on social media, signaling to customers that BTC withdrawals were active again. The company selected assets and networks for early reopening based on aggregate withdrawal demand observed in the prior week.

Even though BTC is back online, Binance cautioned users that inclusion in the initial phase does not guarantee simultaneous availability for every listed token or chain. Engineers must complete asset- and network-specific security validations before enabling each withdrawal route. Higher-than-normal traffic during the rollout may also cause temporary delays, the exchange warned.

Fifteen networks targeted in the initial rollout

The first batch of supported networks included 15 blockchains: Bitcoin, Ethereum, BNB Smart Chain, Tron, Solana, XRP Ledger, Zcash, Dogecoin, Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism, TON and Sui. Some networks support multiple tokens — for example, Ethereum-related withdrawals cover ETH as well as USDT and USDC, while Arbitrum supports ETH, USDT, USDC and ARB.

Binance says 95% of stolen assets have been replenished

Binance reported that it has replenished roughly 95% of the assets lost in the attack. Co-CEO Richard Teng confirmed the figure and reiterated the company’s pledge to absorb the financial impact of the breach. That replenishment percentage translates to about $6 billion of replacement assets against the estimated $6.3 billion loss.

Earlier updates from Binance put coverage at 80%, then 90% in a rapid progression as the exchange sourced replacement crypto on both exchanges and over-the-counter (OTC) desks. To rebuild liquidity and cover less-liquid tokens, Binance used a mix of company reserves, parts of the Secure Asset Fund for Users (SAFU), and excess funds from its Futures Insurance Fund and corporate treasury.

The remaining 5% of missing assets primarily consists of lower-liquidity tokens identified by the exchange that will take longer to purchase in sufficient quantities without disrupting markets.

How Binance sourced replacement assets

Binance said it secured needed assets through a combination of centralized exchange buys and OTC trades to minimize price impact. The company also designated more than $6.34 billion of company resources to fully restore customer balances and has pledged to rebuild SAFU to around $1 billion after using part of the emergency reserve.

Proof of Reserves and cryptographic verification

Before reopening withdrawals, Binance published a new Proof of Reserves snapshot taken at 00:00 UTC on October 31. According to the snapshot, balances for BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC were fully backed.

Binance noted that while the snapshot is available, the full zero-knowledge cryptographic proofs require further processing. The company expects to complete and publish full cryptographic verification by November 3, providing customers with an auditable confirmation of asset coverage.

Ongoing security reviews and phased rollout

Not all wallets and networks are live yet. Co-founder Yi He explained that remaining wallets are undergoing repeated security audits, authorization checks and stability tests before being reenabled. Binance will prioritize subsequent phases according to market capitalization, funds held per asset and the number of customers impacted.

The October 29 attack targeted multiple hot wallets and triggered a platform-wide withdrawal suspension while Binance conducted a full investigation into the breach. Preliminary technical findings pointed to malicious Ethereum wallet authorizations and possibly a compromised employee laptop. The exchange has pledged to publish a detailed incident report once investigations conclude.

Customer guidance during the recovery

• Check the exchange’s withdrawal page or network status dashboard before submitting transactions; availability will be announced as each asset-network pair clears security checks.
• Expect possible delays due to higher traffic while withdrawals resume in stages.
• Deposits remain operational; customers can still fund accounts normally.

Binance emphasized careful sequencing to avoid new security or stability issues and said it will continue to publish updates through its official channels.

What this means for the crypto industry

The attack and the subsequent restoration process highlight several recurring themes in exchange security and industry resilience. Hot-wallet compromise remains one of the most damaging vectors for centralized exchanges. Binance’s public commitment to absorb losses and its use of SAFU and other reserves to make customers whole have drawn attention to the role of exchange-held emergency funds and transparency measures like Proof of Reserves.

The incident has also underscored the importance of liquidity and over-the-counter networks in recovering large quantities of disparate tokens without destabilizing markets. Replenishing lower-liquidity assets can be particularly time-consuming and expensive, factors that explain the remaining 5% shortfall.

Next steps and timeline

Binance has not published a fixed timetable for subsequent recovery phases. The company indicated that additional currencies and network combinations will come online as they pass repeated audits and engineers confirm defensive controls and transactional stability. Users should monitor Binance’s official announcements and Proof of Reserves updates for the latest status.

As the exchange continues its phased recovery, the broader market will be watching for the full cryptographic verification and the detailed incident analysis that Binance has promised. Those disclosures will be critical for evaluating both the technical root causes of the breach and the effectiveness of Binance’s response in protecting users and restoring liquidity.

Conclusion

The resumption of Bitcoin withdrawals is the first tangible sign that Binance is stabilizing services after the October 29 security breach. With 95% of affected assets reportedly replenished and a Proof of Reserves snapshot published, the exchange is pushing to restore full withdrawal functionality while prioritizing security and market stability. Customers should remain alert to official status updates and follow recommended checks before initiating withdrawals.