Binance Withdrawals Reopened as Exchange Begins Recovery After $6.3 billion Hack
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The decision follows several days of security assessments and recovery efforts after the attack, which the FBI has attributed to North Korea-linked hackers.
Key facts
- The withdrawal reopening follows Binance’s latest recovery update, in which the exchange reported that it had covered approximately 95% of the affected assets, up from 90% in its previous announcement
- Available assets include BTC, ETH, BNB, SOL, XRP, DOGE, ZEC, and several stablecoins, including USDT and USDC
- The remaining 5% consists primarily of less-liquid tokens that require additional time to acquire through market purchases and over-the-counter transactions
- The decision follows several days of security assessments and recovery efforts after the attack, which the FBI has attributed to North Korea-linked hackers
Summary
Binance withdrawals reopened in phases after its $6.3 billion security breach, with Bitcoin becoming the first network to reopen as the exchange works to restore access to customer funds. Binance has started the first phase of its withdrawal recovery plan after suspending services following Thursday’s massive cryptocurrency theft. The exchange confirmed on November 1 that Bitcoin withdrawals were the first to become available under the phased rollout. Binance said it would gradually restore withdrawal services as individual networks and assets pass additional security and stability checks.