Binance replaces $6bn stolen in record hack, plans to reopen withdrawals
Cryptocurrency exchange Binance has replaced approximately $6bn of the $6.3bn stolen in a major cyberattack and plans to resume customer withdrawals on Sunday, 1 November, following additional security checks.
The company said that it had replenished around 90% of the stolen assets, up from 80% on October 30. The remaining funds involve less liquid cryptocurrencies that may take longer to replace.
Binance has pledged to cover the entire loss without passing the financial burden on to customers. The exchange is using its corporate funds, futures insurance reserves and Secure Asset Fund for Users (SAFU) to restore the missing assets.
«Binance will absorb the financial impact of these stolen funds, not our users,» the company said in its latest update.
The exchange has allocated more than $6.34bn to address the losses and is continuing to purchase replacement cryptocurrencies through public markets and private transactions.
When will Binance withdrawals resume?
Binance aims to restart withdrawals on 1 November, although the reopening depends on the completion of security checks.
The company previously said it would restore services in stages rather than reopen all withdrawals simultaneously. Customers may therefore regain access to different cryptocurrencies at different times.
Reuters reported that withdrawals remained suspended early on Sunday. Binance has not yet issued a confirmed timetable for the reopening of individual assets.
Deposits and other unaffected services have continued operating during the suspension.
Binance to publish new proof of reserves on 3 November
The exchange has also taken a new snapshot of its cryptocurrency holdings to demonstrate that customer balances remain backed by reserves.
According to Binance, ten major cryptocurrencies, including Bitcoin, Ethereum, BNB, Solana, XRP, USDT and USDC, are already fully backed.
The company recorded the new proof-of-reserves snapshot on 31 October at 00:00 UTC and has updated its public reserves page.
The complete cryptographic verification is expected by Tuesday, 3 November. Once available, customers holding the ten listed cryptocurrencies will be able to independently check that their assets are backed at a minimum ratio of 1:1.
Generating the verification requires approximately 40 to 50 hours of computing time, Binance said.
The attack occurred on 29 October and involved unauthorised withdrawals from Binance’s hot wallets. Investigators are continuing to examine how the attackers gained access to the platform.
