Binance Covers Most of $6.3B Hack Losses, Reopens Withdrawals Starting With Bitcoin

Recovery Status

Binance says it has covered most of the losses from a security breach totaling $6.3 billion. Crypto Briefing reported the figure at 90%, while The Defiant reported about 95%, with less-liquid tokens accounting for the remaining share in the latter account. The two outlets agree on the broad outcome but not on the exact coverage ratio, and neither source includes a breakdown that would settle the gap.

Withdrawal Reopening

Binance plans to resume withdrawals on November 1. According to The Defiant, the first assets to reopen are Bitcoin, and the exchange has said it has fully backed ten major cryptocurrencies as part of the recovery. Earlier, the exchange suspended withdrawals while it addressed the fallout, and approximately $3 billion had been frozen on-chain at the height of the incident.

What to Watch

Crypto Briefing said the November 1 reopening will be closely watched as a test of whether withdrawals proceed smoothly, which could affect confidence in the exchange. Bitcoin's price action in the coming days is also a focus given ongoing market volatility. Further security or asset-recovery announcements from Binance could shape how the market reads the exchange's position, though neither source has indicated when or whether such announcements will come.