Binance has reopened Bitcoin withdrawals on November 1, becoming the first network to resume service after the exchange suspended withdrawals following its $6.3 billion cryptocurrency hack on October 29.
Summary
- Binance has resumed Bitcoin network withdrawals after suspending services following its $6.3 billion security breach.
- The first recovery phase covers selected cryptocurrencies across 15 networks, with other withdrawals awaiting security checks.
- Binance says it has replenished 95% of affected assets, up from 90% in its previous update.
- BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances are now fully backed, according to the exchange.
- A new Proof of Reserves snapshot has been published, with full cryptographic verification expected by November 3.
According to Binance’s latest announcement, the Bitcoin network became available during the first phase of its withdrawal recovery program. Founder Changpeng Zhao (CZ) subsequently confirmed the reopening in a short X post, writing, “BTC withdrawal is live.”
The exchange scheduled its initial reopening window between 06:00 and 09:00 UTC on Sunday, with selected cryptocurrencies across 15 blockchain networks included in the first phase.
Binance starts withdrawals with Bitcoin as security checks continue
Customers can now withdraw Bitcoin through its native network, while Binance gradually restores other supported assets.
The recovery notice lists Ethereum, BNB Smart Chain, Tron, Solana, XRP Ledger, Zcash and Dogecoin among the networks scheduled for reopening.
Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism, TON and Sui complete the initial list of 15 networks.
Several networks will support withdrawals of multiple assets. Ethereum, for example, includes ETH, USDT and USDC, while Arbitrum supports ETH, USDT, USDC and ARB.
Binance said it arranged the reopening order using withdrawal demand recorded during the previous week. Its engineers must complete security and stability checks before enabling each supported asset and network combination.
Consequently, inclusion in the first-phase list does not mean every listed withdrawal route became available simultaneously.
Customers were advised to check the withdrawal page or network status before submitting transactions. The exchange warned that increased traffic could temporarily delay withdrawals during the rollout.
Binance says 95% of stolen assets have been replenished
The reopening follows another increase in Binance’s reported asset coverage, which reached 95% on November 1.
Co-CEO Richard Teng confirmed the figure, saying the company would absorb losses caused by the breach.
“We’ve now replenished approximately 95% of the impacted assets,” Teng wrote.
Binance previously reported 80% coverage before raising the figure to 90% in its October 31 update.
The exchange has reserved more than $6.34 billion of company resources to cover the stolen assets. Its latest replenishment percentage represents roughly $6 billion against the estimated $6.3 billion incident value.
The remaining 5% consists of cryptocurrencies outside the ten assets Binance identified as fully backed. According to the company, these tokens have lower liquidity and require more time to purchase in sufficient quantities.
As crypto.news reported on October 30, Binance has been purchasing replacement cryptocurrencies through exchanges and over-the-counter trading desks.
The recovery draws on the Secure Asset Fund for Users, excess reserves from its Futures Insurance Fund and the company’s corporate treasury.
Binance publishes reserve snapshot after security breach
Before withdrawals reopened, Binance had taken another Proof of Reserves snapshot at 00:00 UTC on October 31.
The company said Bitcoin, Ethereum, USDT, BNB, Solana, USDC, XRP, USD1, RLUSD and Zcash balances were fully backed.
Its October 31 update stated that the snapshot was available on the Proof of Reserves website.
However, the complete zero-knowledge cryptographic proof requires additional processing. Binance expects that verification to become available by Tuesday, November 3.
The exchange previously outlined its withdrawal timetable while disclosing the use of company reserves to replace missing customer assets.
Binance has committed to restoring its SAFU emergency reserve to around $1 billion after deploying part of the fund during the recovery.
Other withdrawals await further security clearance
Despite Bitcoin withdrawals reopening, Binance has not provided a fixed timetable for the second recovery phase.
Co-founder Yi He said the remaining wallets were undergoing repeated security audits and checks of their protective systems.
She explained that the exchange would prioritize additional currencies according to market capitalization, funds held and the number of customers using each asset.
The October 29 attack affected multiple hot wallets and triggered an exchange-wide withdrawal suspension while investigators examined the compromised infrastructure.
Earlier technical investigations into the breach identified malicious Ethereum wallet authorizations, while Binance said its preliminary findings pointed to a potentially compromised employee laptop.
The exchange has pledged to publish a detailed incident report after its investigation concludes.
Deposits remain operational, and Binance says withdrawal availability will continue to be announced through its official channels as individual networks complete security checks.
