Binance begins phased withdrawal restoration after $6.3 billion security incident

Binance began restoring cryptocurrency withdrawals in phases after estimating that a security incident affected approximately $6.3 billion in token assets.

The exchange said withdrawals had been paused while it completed security checks. Binance also said about $3 billion of the affected assets had been frozen on-chain.

By October 31, Binance said it had replenished approximately 90% of the affected assets. It also published a proof-of-reserves snapshot dated October 31 and identified the return of withdrawal services as its next major priority.

The restoration process began on November 1. Binance said the first stage included selected assets operating across 15 networks, and that approximately 95% of the affected assets were covered in its update that day.

Bitcoin withdrawals resumed shortly after 0600 GMT on November 1, according to Reuters. Binance also restored withdrawals for ether, selected stablecoins and other assets in the opening phase.

The exchange said more withdrawal services would be brought back in stages. The phased approach followed Binance’s earlier statement that security checks would be completed before services were restored.

The asset coverage figures describe the amount Binance said it had replenished or covered. They do not establish that the same amount had been recovered from whoever was responsible for the incident.

Binance’s October 31 reserves snapshot and its November 1 withdrawal update provide the latest milestones in the recovery process. The company’s stated next step is to continue expanding withdrawal access as additional services return.

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