Binance Reopens USDC, USDT, ETH and BNB Withdrawals After $6.3B Hot Wallet Breach

Replenishment and Reserve Figures

Binance said it had replaced about 95% of the affected assets by the November 1 resumption date. Its own reporting shows the coverage rising in steps, from 80% to 90% in its October 31 update and then to roughly 95%. Binance has said the remaining shortfall consists mainly of less-liquid tokens, which it is buying through exchanges and over-the-counter desks.

The exchange put the cost at more than $6.34 billion in corporate funds, a figure slightly above the approximately $6.3 billion taken in the breach. It said the recovery resources include a Secure Asset Fund for Users, corporate treasury holdings and part of its Futures Insurance Fund, and it has maintained that customers will not bear the losses. An updated Proof of Reserves snapshot taken at 00:00 UTC on October 31 shows BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances as fully backed. The complete zero-knowledge proof is expected by November 3.

Binance and its partners have also frozen or located around $3 billion of the stolen assets. Recovery of that amount has not been confirmed, and the exchange has not said how much of it may ultimately be returned.

Attribution and Open Questions

U.S. President Donald Trump addressed allegations that North Korean hackers were behind the attack. Speaking to reporters at his Mar-a-Lago residence in Florida on October 31, he said the administration was examining the incident, adding, "We're looking into it. I'm not worried." Neither Binance nor the sources reviewed have attributed the breach to any specific group.

Binance has said a detailed post-incident report is in preparation and will cover the impact of the breach and the company's response. Further phases of the withdrawal recovery are not on a fixed timetable and will depend on additional security assessments and user demand. Key items to track include whether the remaining networks reopen without further pauses, whether withdrawal delays ease as the initial rush fades, and how much of the roughly $3 billion frozen or located is ultimately recovered.

Why It Matters

For Traders

Stablecoin and ETH withdrawals on Ethereum and BSC are open again, but delays are possible while the remaining networks stay restricted.

For Investors

Covering a loss of this size from corporate funds signals the exchange's financial capacity, though recovery of the roughly $3 billion frozen or located remains unconfirmed.

For Builders

The staggered, chain-by-chain reopening shows how hot wallet compromises across multiple networks force per-chain security reviews before withdrawals resume.