Binance Reopens Withdrawals With Bitcoin Network After $6.3 Billion Hack

2 min read
Binance Reopens Withdrawals With Bitcoin Network After $6.3 Billion Hack
PrimeXBT Editorial Team
Reviewed by PrimeXBT

Topics in article

Binance began reopening withdrawals on Nov. 1, starting with BTC on the Bitcoin network, after a hack it estimates had a $6.3 billion impact. The exchange says it has replenished approximately 95% of the impacted amount and that users will not bear the losses.

Binance reopened withdrawals with BTC on the Bitcoin network on Nov. 1, restoring a first route for customers after a hack the exchange estimates had a $6.3 billion impact. Its customer-support account confirmed the BTC network was open as withdrawals resumed in stages.

Phase one covers 15 networks

The phase-one plan covers selected assets across 15 networks, including Bitcoin, Ethereum, BNB Smart Chain and Solana. Binance is restoring those routes progressively rather than opening them all at once.

The exchange prioritized asset-and-network pairs using the previous week's customer demand. Deposits remain open, and Binance warned that traffic could cause delays or longer processing times.

Binance says it has replenished 95% of the impacted amount

In its recovery notice, Binance said it has replenished approximately 95% of the impacted amount, up from 90%. The remaining 5% consists of less-liquid tokens that take longer to acquire through market and over-the-counter purchases. The exchange reiterated that users would not bear the losses.

Withdrawals had been suspended while Binance assessed the breach and rebuilt and tested its withdrawal infrastructure. Co-CEO Richard Teng said the service would not restart until it passed rigorous testing.

Full proof of reserves due Nov. 3

Binance says balances in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed. In its Oct. 31 update, the exchange said it had posted a new proof of reserves snapshot taken at 8 p.m. ET on Oct. 30.

Binance estimated the full zero-knowledge proof would be ready by Nov. 3 UTC, citing 40 to 50 hours of computation. Teng had previously promised a full report by Monday, Nov. 2, so the newer timetable puts the full proof after the withdrawal restart.

Source: The Defiant

Trading involves risk.

Most traded markets

BTC / USD
+0.74% 77,883.6
XAU / USD.24
+0.11% 3,884.11
ETH / USD
+1.12% 2,266.30
ZEC / USD
-1.89% 1,242.31
NEAR / USD
+1.16% 4.365
SOL / USD
-0.28% 95.30
View all markets

Author

PrimeXBT
Our Editorial Team consists of leading experts with a proven record in the fields of trading, cryptocurrencies, blockchain and finance. We thoroughly research the sources of information in order to provide readers with quality content that serves edu...
Read author’s articles
Alert Triangle Risk Disclaimer
Disclaimer: Some past publications may be outdated. We recommend following our news to stay up to date with the latest information. For any questions, feel free to contact our support team via the chat below.
The content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.

Today in markets

Browse Crypto News

Register Now

Trading involves risk

Get started in minutes

Our clients love how fast and simple our sign-up is. It takes just a few minutes to get started!

Get Started Get Started
Get started in minutes

Need Help?

Risk Warning:
Trading in leveraged products carries a high level of risk and may not be suitable for all investors.