Binance has begun gradually restoring withdrawals following a hack that resulted in the theft of $6.3 billion in assets on 30 October. The incident was reported earlier. The cryptocurrency exchange announced the development on its X account.
The first phase of the recovery process began on the morning of 1 November, London time. The platform’s specialists introduced several precautionary measures to protect the service, conducted security assessments and evaluated whether the services affected by the cyberattack were ready to resume operations.
“We aim to restore withdrawals in phases as we complete our security and readiness checks. Deposit services remain open and were not affected by the incident,” Binance said.
The company described restoring users' access to their funds as its top priority and said it had opted for a controlled approach to ensure transactions could resume safely. Binance stressed that user funds were secure.
During the first phase, withdrawals were enabled for 15 assets, including Bitcoin, Ethereum, Solana, XRP, Dogecoin and the stablecoins USDT and USDC. According to the company, the selection was prioritised based on user demand over the previous week.
The first phase was completed on 1 November at 12:36 London time (17:36 Tashkent time). The company is now restoring withdrawals in fiat currencies.
As of 15:00 Tashkent time on 2 November, users could withdraw funds in 28 currencies, including US dollars, euros, Japanese yen, Kazakhstani tenge and Kyrgyzstani som.
Binance also provided an update on its compensation efforts following the cyberattack. As of the morning of 1 November, the company had compensated users for around 95% of their losses and restored 90% of affected balances. Balances in the top 10 most popular tokens, including USDT and Bitcoin, had been fully restored.
The remaining 5% relates to less common assets with relatively low liquidity. The exchange is working to purchase the tokens on the open market and through over-the-counter deals, but warned that the process could take “a longer period of time”.
Binance thanked users for their “patience, understanding and continued trust”, as well as its partners for freezing and tracking the stolen assets. The company said it would publish a detailed report once the investigation was complete.
According to Binance, during the first nine hours and 30 minutes after withdrawals resumed, the exchange received withdrawal requests worth $4.65 billion and processed $1.01 billion. Net outflows amounted to $3.64 billion, representing slightly more than 2% of the exchange’s total assets.
Reuters, citing data from the DefiLlama platform, reported that $5.8 billion in assets had been withdrawn from the exchange. Binance representatives said the figure did not include funds added to the company’s new hot wallet.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
