Binance reopens Bitcoin withdrawals after $6.3B hack, says 95% restored - Crypto News

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. 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. Customers were advised to check the withdrawal page or network status before submitting transactions, as increased traffic could temporarily delay withdrawals during the rollout.

First phase covers 15 networks

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.

95% of stolen assets 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.

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.

Reserve snapshot published

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.

The company said 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.

Other withdrawals await 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.