Binance to Resume Customer Withdrawals in Phases After Hack
Binance has resumed customer withdrawals in stages following a record cyber theft exceeding 6 billion dollars. The exchange reported restoring backing for 90% of affected assets, with some sources stating coverage reached 95%. Initial activity saw 2 billion dollars move within the first three hours of reopening. Currently, ten networks are re-enabled, including DOGE, ETH, USDT, USDC, and SOL. The exchange plans to restore withdrawals for HYPE, INJ, APT, PLASMA, NEAR, and LTC by mid-November.
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- ✓ Binance resumed customer withdrawals in phases following a record hack.
- ✓ The hack involved a theft of 6.3 billion dollars.
- ✓ Binance restored backing for 90% of assets affected by the hack.
- ✓ Withdrawals for DOGE, ETH, USDT, and USDC were resumed on select networks.
What changed
Binance expanded re-enabled networks to ten and scheduled a third phase of withdrawals for mid-November.
Live updates
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Binance Restores Phased Withdrawals After Record 6.3 Billion Dollar Hack
Binance has resumed customer withdrawals in stages following a record cyber theft exceeding 6 billion dollars. The exchange reported restoring backing for 90% of affected assets, with some sources stating coverage reached 95%. Initial activity saw 2 billion dollars move within the first three hours of reopening. Currently, ten networks are re-enabled, including DOGE, ETH, USDT, USDC, and SOL. The exchange plans to restore withdrawals for HYPE, INJ, APT, PLASMA, NEAR, and LTC by mid-November.
Why it matters
This event marks the largest cyber theft ever recorded in the cryptocurrency industry. The scale of the hack forced the world's largest digital asset exchange to suspend transactions, triggering widespread security concerns across the sector.
What is confirmed
- Binance resumed customer withdrawals in phases following a record hack.
- The hack involved a theft of 6.3 billion dollars.
- Binance restored backing for 90% of assets affected by the hack.
- Withdrawals for DOGE, ETH, USDT, and USDC were resumed on select networks.
- The number of re-enabled networks has reached ten with the addition of SOL.
Still unconfirmed
- Binance covered 95% of losses and saw 3.64 billion dollars in net outflows.
- Dormant 1.1 million BTC could roil the crypto market.
What to watch next
- The mid-November deadline for HYPE, APT, and LTC withdrawal restoration.
- Confirmation of the final percentage of asset losses covered by Binance.
confidence 90%Sources used for this update (18)
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- Bloomberg.com — Binance to Resume Customer Withdrawals in Phases After Hack
- Yahoo Finance — $2 Billion Moves in the First 3 Hours After Binance Reopens Withdrawals
- TradingView — Key facts: Withdrawals Resume; Dormant 1.1M BTC Could Roil CRYPTO:BTCUSD
- Pluang — Binance resumes withdrawals for DOGE, ETH, USDT, and USDC on select networks
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