Binance has started restoring cryptocurrency withdrawals after suspending the service following a major security breach involving approximately $6.3 billion in digital assets.

The world’s largest cryptocurrency exchange announced on Sunday, November 1, that withdrawals would return in phases after security assessments and system checks.

Bitcoin withdrawals were among the first services to reopen. Binance said other cryptocurrencies and blockchain networks would become available progressively as their security and operational readiness were confirmed.

The development brings relief to millions of users who were unable to withdraw their cryptocurrency during the suspension.

Binance restores withdrawals in phases

In its latest security update, Binance listed 15 blockchain networks for the first phase of withdrawal restoration.

They include Bitcoin, Ethereum, BNB Smart Chain, Tron, Solana, XRP, Dogecoin, Polygon, Avalanche, Arbitrum, Optimism, Base, Sui and other supported networks.

The exchange warned that not all assets would become available simultaneously. Some users could also experience delays as the platform handles withdrawal requests and monitors network performance.

Binance said deposits remained operational during the suspension.

Exchange says 95 per cent of affected assets covered

Binance also disclosed that it had covered approximately 95 per cent of the assets affected by the security incident.

According to the company, it had increased its recovery coverage from 80 per cent in its earlier update to 90 per cent before reaching the latest figure.

The remaining five per cent consists mainly of less-liquid tokens that require additional time to purchase in the necessary quantities.

Binance said it was using company resources to replace the affected assets and would absorb the financial impact rather than pass the losses to customers.

The exchange also stated that balances in several major cryptocurrencies and stablecoins, including Bitcoin, Ethereum, USDT, USDC and BNB, were fully backed.

Investigation into the $6.3 billion breach continues

The security incident occurred on October 29, when Binance reported unauthorised withdrawals involving its hot wallets.

The exchange initially said its investigation suggested that a compromised laptop may have been involved in the attack. However, subsequent investigations identified additional possible points of breach.

Binance said it had found no evidence that wallet private keys were leaked.

The FBI has separately attributed the attack to North Korea-linked hacking group TraderTraitor. Investigators said the stolen assets were being converted, mainly into Ethereum, as part of efforts to move the funds.

Binance has been working with law enforcement agencies, blockchain intelligence firms and other industry partners to trace and recover the stolen assets.

What Binance users should know

The restoration of withdrawals does not mean every cryptocurrency and network is immediately available.

Users have been advised to check the withdrawal page for their specific cryptocurrency and network before attempting transactions.

Binance said it would continue monitoring the platform and provide further updates as additional withdrawal services return.

The reopening marks an important step in the exchange’s recovery from one of the largest reported cryptocurrency security incidents.

However, questions remain about how the attackers gained access, how much of the stolen cryptocurrency can still be recovered and what additional security measures Binance will introduce to prevent another breach.

Also read: Binance suffers $6.3bn hack in biggest crypto theft on record