Binance Reopens Withdrawals After $6.3B Hack, Covers 95% of Loss

Binance has started reopening withdrawals in phases after hackers drained about $6.3 billion in token assets from its hot wallets, the largest crypto theft on record.

Bitcoin network reopens first

The exchange said phase one would begin on Nov. 1 between 06:00 and 09:00 UTC, with the bitcoin network as the first batch to go live.

Withdrawals were later restored on the Ethereum network and BNB Smart Chain, and the first phase covers 15 networks in total, including Solana, XRP, Tron, Arbitrum and Base.

Binance said it picked networks based on the past week’s user demand so each could clear stability and security checks first, and warned that users may see delays during the initial rollout.

Deposits stayed open throughout the incident.

Coverage rises to 95%

In its fourth recovery update, Binance said it has now covered about 95% of the impacted amount, up from roughly 90% in its previous update.

That figure reflects restored backing for user balances, not funds clawed back from the attacker.

The exchange said in a statement:

“All BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are fully backed 100%. Binance will absorb the financial impact of these stolen funds, not our users.”

The remaining 5% involves less liquid tokens outside the top ten, which Binance is still buying through market and over-the-counter channels.