Binance began reopening withdrawals on Nov. 1, starting with BTC on the Bitcoin network, after a hack it estimates had a $6.3 billion impact. The exchange says it has replenished approximately 95% of the impacted amount and that users will not bear the losses.
Binance reopened withdrawals with BTC on the Bitcoin network on Nov. 1, restoring a first route for customers after a hack the exchange estimates had a $6.3 billion impact. Its customer-support account confirmed the BTC network was open as withdrawals resumed in stages.
Phase one covers 15 networks
The phase-one plan covers selected assets across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and Solana. Binance is restoring those routes progressively rather than opening them all at once.
The exchange prioritized asset-and-network pairs using the previous week's customer demand. Deposits remain open, and Binance warned that traffic could cause delays or longer processing times.
Binance says it has replenished 95% of the impacted amount
In its recovery notice, Binance said it has replenished approximately 95% of the impacted amount, up from 90%. The remaining 5% consists of less-liquid tokens that take longer to acquire through market and over-the-counter purchases. The exchange reiterated that users would not bear the losses.
Withdrawals had been suspended while Binance assessed the breach and rebuilt and tested its withdrawal infrastructure. Co-CEO Richard Teng said the service would not restart until it passed rigorous testing.
Full proof of reserves due Nov. 3
Binance says balances in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed. In its Oct. 31 update, the exchange said it had posted a new proof of reserves snapshot taken at 8 p.m. ET on Oct. 30.
Binance estimated the full zero-knowledge proof would be ready by Nov. 3 UTC, citing 40 to 50 hours of computation. Teng had previously promised a full report by Monday, Nov. 2, so the newer timetable puts the full proof after the withdrawal restart.
Source: The Defiant
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