Update: Binance to Resume XRP, Bitcoin, Ethereum Withdrawals After $6.3B Hack

Binance has announced plans to restore XRP, Bitcoin, and Ethereum withdrawals following a massive security breach involving $6.3 billion. The exchange confirmed that withdrawals across 15 blockchain networks, including Solana and BNB Smart Chain, will resume between 06:00 and 09:00 UTC on November 1.

According to Binance’s November 1 announcement, the exchange will restore withdrawal services gradually as individual networks complete security assessments and infrastructure readiness checks. The announcement follows a temporary withdrawal suspension after hackers stole billions from Binance’s hot wallets, while deposit services remained operational throughout the investigation.

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Binance Confirms Withdrawal Timeline for XRP, Bitcoin, and Ethereum

Binance has identified 15 blockchain networks for the initial withdrawal restoration phase, prioritizing cryptocurrencies with substantial customer demand. Bitcoin, Ethereum, XRP Ledger, Solana, BNB Smart Chain, Tron, and Dogecoin are among the supported networks.

Additionally, the exchange plans to restore withdrawals across Avalanche, Sui, Polygon, Arbitrum, and Zcash networks. Major stablecoins, including Tether (USDT) and USD Coin (USDC), will also become available across multiple supported blockchains.

Binance explained that withdrawal demand recorded during the previous week influenced its selection of assets for the initial phase. The exchange also warned that supported networks might not become operational simultaneously during the scheduled reopening period.

Each blockchain must complete the required security checks before Binance activates withdrawal services for its respective cryptocurrencies. Consequently, customers holding XRP, Bitcoin, and Ethereum may experience different activation times depending on individual network readiness.

Binance Reports 95% Recovery of Assets Following $6.3 Billion Hack

The withdrawal announcement follows Binance’s disclosure that approximately 95% of affected assets have been recovered or restored. This represents an improvement from the previously reported 90% coverage level following the security breach.

Binance suspended withdrawals to investigate unauthorized transactions, contain potential damage, and prevent further losses from its cryptocurrency wallets. The exchange also confirmed full backing for Bitcoin, Ethereum, XRP, Solana, BNB, USDT, USDC, Zcash, USD1, and RLUSD.

Meanwhile, the remaining affected assets involve cryptocurrencies with limited market liquidity, making substantial replacement purchases more difficult. Binance has committed more than $6.34 billion in company funds to cover losses associated with the incident.

Binance Reveals Funding Sources Supporting Customer Asset Protection

Binance has outlined the financial resources supporting its efforts to replace cryptocurrencies stolen during the security breach. The exchange identified its Secure Asset Fund for Users (SAFU), Futures insurance fund, and corporate treasury as funding sources.

According to its recovery update, Binance planned to deploy part of its SAFU reserves within 24 hours. Additionally, the exchange allocated a portion of its Futures insurance fund while retaining the balance required under regulatory rules.

Corporate treasury resources also support asset replacement through cryptocurrency markets and over-the-counter trading channels. Binance emphasized that the exchange would absorb the financial impact of the stolen assets rather than transferring losses to customers.

The exchange is also working with industry partners to acquire less liquid cryptocurrencies that remain outstanding. These purchases form part of its commitment to restore full backing across every affected cryptocurrency.

Binance Updates Proof of Reserves Ahead of Independent Verification

Binance has published an updated Proof of Reserves snapshot covering customer assets following the security breach. The exchange captured the snapshot on October 31 at 00:00 UTC and made the updated records available online.

The verification process covers ten major cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, BNB, and several stablecoins. Binance explained that generating the complete zero-knowledge proof requires approximately 40 to 50 hours of computational processing.

The exchange expects the full proof to become available by November 3, allowing customers to verify asset backing independently. Once published, users holding the specified cryptocurrencies can confirm that Binance maintains at least 1:1 backing for their assets.

Binance Moves Toward Restoring Normal Withdrawal Operations

Binance’s planned withdrawal reopening marks another operational milestone following the $6.3 billion cryptocurrency security breach. The exchange is prioritizing major cryptocurrencies while completing security checks across individual blockchain networks.

With approximately 95% of affected assets reportedly recovered or restored, Binance is working toward full customer asset coverage, despite varying withdrawal activation times across supported networks.