Binance initiated the first phase of its withdrawal recovery plan on November 1 after suspending services following a major security breach. Bitcoin withdrawals reopened first under the phased rollout, with additional assets to follow as the exchange completes security and stability checks.
The initial recovery phase includes Bitcoin and assets across major blockchain networks, including Ethereum, BNB Chain, Solana, and XRP Ledger. Available assets encompass BTC, ETH, BNB, SOL, XRP, DOGE, ZEC, and stablecoins including USDT and USDC. The exchange is prioritizing assets based on customer demand from the previous week, though availability is being restored progressively and users may experience temporary delays or unsuccessful transactions.
Binance said it would continue restoring withdrawal services as individual networks and assets pass additional security checks. Deposits remained open during the incident, according to the exchange's recovery update.
Asset Coverage and Recovery Efforts
Binance reported that it has covered approximately 95 percent of the affected assets, up from 90 percent in its previous announcement. The exchange is using company resources, including its Secure Asset Fund for Users (SAFU), futures insurance fund, and corporate treasury, to replace stolen cryptocurrency. The remaining 5 percent consists primarily of less-liquid tokens requiring additional time to acquire through market purchases and over-the-counter transactions.
The exchange has stated that customers will not bear the financial impact of the theft.
Investigation and Industry Response
The FBI has attributed the attack to North Korea-linked hacking group TraderTraitor and urged cryptocurrency businesses to block transactions connected to identified wallet addresses. Blockchain analytics firms and other industry participants have been working to trace stolen funds and prevent further laundering.
