Binance Resumes Withdrawals Gradually Following $6.3 Billion Security Breach

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In the wake of a significant security breach that disrupted services, Binance announced it will gradually restart cryptocurrency withdrawals. The exchange, in a statement made on November 1, specified that withdrawal operations would be restored between 06:00 and 09:00 UTC.

Staggered Network Withdrawals Expected

Binance clarified that withdrawals would not resume simultaneously across networks, but rather, as security and infrastructure checks are completed. The plan considers recent user demand and will initially involve 15 blockchain networks.

Binance aims to reactivate withdrawal services progressively as security and operational readiness checks are concluded.

The first phase will include popular networks such as Bitcoin, Ethereum, XRP Ledger, BNB Smart Chain, Solana, Tron, and Dogecoin. Support will also extend to Zcash, Avalanche, Sui, Polygon, and Arbitrum, with Tether and USD Coin withdrawals to be enabled across multiple networks.

The exchange cautioned that not all cryptocurrencies and networks might be operational simultaneously. Despite the security incident, users continued to make deposits.

95% of Assets Recovered

The resumption of withdrawals comes mere days after a significant attack targeted Binance’s hot wallets, resulting in around $6.3 billion in cryptocurrency losses. In response, Binance temporarily halted withdrawals to contain the damage, examine the breach’s scope, and prevent further losses.

The latest update disclosed that approximately 95% of the affected assets have been recovered, marking an increase from the previously reported 90% recovery rate. Binance emphasized that account balances for certain assets, including Bitcoin, Ethereum, XRP, Solana, BNB, USDT, USDC, Zcash, USD1, and RLUSD, have been fully restored.

Binance reported full restoration of user balances across various assets, including Bitcoin, Ethereum, XRP, Solana, BNB, USDT, USDC, Zcash, USD1, and RLUSD.

The unrecovered assets, comprising the remaining 5%, mainly consist of low-liquidity and hard-to-replace cryptocurrencies. Binance reiterated its commitment to recovering the remaining assets as part of its ongoing efforts to address the breach’s aftermath.