Binance has expanded its phased withdrawal reopening after the largest reported crypto exchange hack to date. The exchange says customer losses will be covered with company funds and that major balances are fully backed. Access is returning network by network, so availability still depends on the exact asset and chain.
The incident also affected the wider market. Bitcoin, Ether and BNB fell when the breach became public, exchange outflows rose and traders again focused on custody, reserves and platform concentration.
What Happened in the Binance Hack?
Binance said unauthorized withdrawals began at about 20:05 UTC on October 29. Its hot-wallet infrastructure was compromised, and approximately $6.3 billion in token assets was affected. The exchange first investigated a compromised employee device, then said it found additional breach points. It has not reported evidence that wallet private keys were exposed.
Binance paused withdrawals while it isolated the affected systems, revoked access and reviewed its infrastructure. Stablecoin issuers, exchanges and blockchain intelligence firms worked to freeze and trace funds. Binance reported that roughly $3 billion had been frozen on-chain during the early recovery effort.
Which Binance Withdrawals Reopened on November 3?
Binance began another rollout at 04:00 UTC on November 3, equal to 12:00 p.m. China Standard Time. The update covers additional assets on BSC, Ethereum, Solana, XRP, Sui, Arbitrum, Optimism, TRON and Base. It also includes withdrawals for all bSTOCKS on BSC.
The listed assets do not all reopen at the same moment. Binance is activating each network-asset pair after security and readiness checks, so users still need to confirm the exact token and chain before submitting a transfer.
How Much of the Stolen Crypto Has Binance Replaced?
Binance moved its reported replacement level from about 80% to 90% and then to approximately 95%. The remaining amount involved less-liquid tokens that were harder to buy in large size without moving their prices.
The exchange said BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances were fully backed. Binance is using its corporate treasury and its Secure Asset Fund for Users to absorb the loss rather than assigning it to customers.
What Does Binance's Proof of Reserves Show?
A proof of reserves compares assets held by an exchange with customer balances recorded as liabilities. Binance published a new reserve snapshot and said a full zero-knowledge proof would follow. A zero-knowledge proof lets a customer verify that a balance is included without revealing every account.
Proof of reserves answers whether recorded customer balances are backed by on-chain assets at the snapshot time. It is most useful when users can verify their own inclusion and the exchange clearly reports liabilities as well as assets.
How Did the Hack Affect the Crypto Market?
Bitcoin dropped below $79,000 after the incident became public, while Ether and BNB also declined. Prices recovered part of the loss as withdrawals resumed and Binance reported progress replacing assets.
Binance processed about $4.65 billion in withdrawals during the initial reopening period and reported net outflows of roughly $3.64 billion. Large outflows test whether an exchange can deliver assets quickly when many customers act at once.
What Should Users Check Before Withdrawing?
Match the token and blockchain on both platforms. USDT on Ethereum is different from USDT on TRON or Solana. Confirm that the receiving wallet supports the chosen network, then review the address and any required memo. A small test transfer can confirm the route before a larger transfer.
The final incident report will matter because it should explain the complete attack path and the controls added after the breach. Clear timestamps, affected systems and recovery steps will also help users compare the response with earlier exchange incidents.
How to Trade BTC Volatility on Tapbit
- Register or sign in to Tapbit and prepare USDT.
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- Review fees and liquidation price before placing the order.
FAQ
Are Binance withdrawals fully open?
No. Binance added many more network-asset pairs on November 3, but the rollout remains phased and availability still depends on the exact asset and network.
Are major Binance balances fully backed?
Binance says ten major assets, including BTC, ETH, USDT and BNB, are backed 100%.
Who is paying for the stolen funds?
Binance says company resources and its user-protection fund will cover the loss.
What happens next?
The next updates are the remaining network restorations, recovery of the final affected assets and the full post-incident report.
