Binance reopened withdrawals Sunday after halting them following a security incident on October 29 that resulted in approximately $6.3 billion in stolen assets. Crypto tracking platform Whale Alert recorded about $2 billion in Bitcoin, Ethereum, and dollar-pegged stablecoins leaving the exchange within roughly three hours of the resumption.
The outflows included approximately 10,000 BTC valued around $779 million, nearly $1 billion in Tether, $200 million in USD Coin, and 30,000 ETH worth approximately $68 million, according to Whale Alert posts tracking transfers to unknown wallets.
Withdrawal Process and Proof of Reserves
Binance stated that it has added newly generated addresses to its proof-of-reserves list, with all future withdrawals to be paid from these wallets. The exchange has not publicly matched individual transfers to the new addresses. Binance claims to have replaced approximately 95% of stolen assets using its own funds.
Withdrawals are currently limited to phase one, covering 15 networks. Co-founder Yi He indicated that other wallets remain under security audit with no confirmed reopening timeline.
Market Response and Bitcoin Performance
Bitcoin traded at $78,122 as of reporting, representing a modest 1.05% gain over the previous 24 hours and remaining below the $79,000 level prior to the hack. The reopening did not produce the anticipated price rally that some commentators had predicted.
Binance has allocated more than $6.34 billion of company funds to cover customer losses from the breach.
