Binance to resume withdrawals in phases after $6.3B hack

Binance said it will resume withdrawals in phases, with the first phase starting Nov. 1 between 06:00 and 09:00 UTC (1:00⁠–⁠4:00 AM ET). The exchange laid out the plan in its fourth security incident recovery update. Withdrawals have been halted since the Oct. 29 hack, which has been put at $6.3 billion.

Details

Phase one covers 15 networks, including Bitcoin, Ethereum, BSC, Solana and Polygon. Binance says balances of BTC, ETH, USDT, USDC, BNB, SOL, XRP, USD1, RLUSD and ZEC are 100% backed.

The exchange says it has now replaced about 95% of the stolen assets, up from 90% a day earlier, per Bitcoin.com. The remaining roughly 5% is less-liquid tokens outside the top ten, which take longer to source at scale. Binance repeats that it, not its users, will absorb the loss, and it has published a proof-of-reserves snapshot. It warns of possible delays during the initial rollout.

The news also spread through Telegram feeds from Watcher Guru and Tree News; the figures here come from Binance's own announcement.

What it means for the market

Reopening withdrawals removes the main practical risk for the exchange's clients, who could not move funds while they were shut. How quickly withdrawals flow, and whether reopening triggers a rush of outflows, will be clear once phase one starts. We track the hack in a running explainer; the first report is here. For the live BTC price, see the daily brief.