Binance reopened customer withdrawals on Sunday, four days after a hack that drained roughly $6.3 billion from its hot wallets, marking the largest crypto theft on record.
Staged Reopening
The exchange began the rollout at 06:00 UTC with Bitcoin and then added fifteen additional networks, including Ethereum, BNB Smart Chain, Solana, XRP, Dogecoin, Tron, Polygon, Avalanche, Arbitrum, Base, Optimism, Zcash, TON and Sui.
Recovery Progress
In its third recovery update, Binance said it had replenished 90% of the impacted amount using company resources, drawing from its Secure Asset Fund for Users, a portion of its futures insurance fund and its corporate treasury. The exchange also published a proof‑of‑reserves snapshot dated October 31 for users to verify balances.
Between 06:00 and 15:30 UTC, Binance processed about $4.65 billion in withdrawals against roughly $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion, or 2.1% of the $171 billion in assets reported in its late‑October proof of reserves.
Remaining Coverage
Binance said the Sunday update covered 95% of the impacted amount. The remaining 5% consists of less liquid tokens outside the top ten assets on its proof‑of‑reserves list, and the exchange is working with industry partners and OTC desks to acquire them.
Verification Tools
On Monday, Binance completed the zero‑knowledge proof for the October 31 snapshot. Users holding BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD or ZEC can run an open‑source verifier to confirm that their balances are backed at least 1:1, with a step‑by‑step guide provided by the exchange.
Future Plans
A further snapshot covering additional tokens is scheduled for November 4, with proof generation expected to take 40–50 hours. Another withdrawal phase is planned for Tuesday, with details to be announced.
Law Enforcement and Market Impact
The FBI has attributed the attack to North Korea, and the U.S. Secret Service is collaborating with Circle to trace and freeze funds. Tether reported about $1.57 billion in USDT frozen, while Circle froze more than $800 million in USDC.
Following the breach, Bitcoin fell roughly 5% to below $77,000, and shares of several crypto‑related companies declined as investors assessed exchange‑level risk.
