The short version
- Binance withdrawals resume in phases on Sunday between 06:00 and 09:00 UTC, starting with 15 networks including Bitcoin, Ethereum, BNB Chain, Solana and XRP.
- Binance says it has replaced about 95% of the $6.3 billion stolen, roughly $6 billion, including 7,499 BTC from its SAFU fund, and its full proof of reserves is due by Tuesday.
- The crew is watching how fast the networks open, Tuesday’s proof and the post-incident report on how the attacker got in.
Binance withdrawals resume today, about three days after the $6.3 billion hack froze them on Thursday night. Phase one starts between 06:00 and 09:00 UTC on Sunday, Binance said in its Recovery Update #4, and covers Bitcoin, Ethereum, BNB, Solana, XRP and the main stablecoins.
Binance also says it has now replaced 95% of what was stolen, up from 90% on Saturday.
Binance’s latest number on the cover:
Update: We have already covered $6B of the impacted amount of the hacked loss.
Which Binance Withdrawals Resume First?
Phase one covers 15 networks. They are BTC, ETH, BNB Smart Chain, Tron, Solana, XRP, Zcash, Dogecoin, TON, Polygon, Avalanche, Arbitrum, Base, Optimism and Sui, plus USDT and USDC on most of them. Binance picked them by last week’s user demand, and the rest follow “once they are ready.”
The networks open progressively inside that window, not all at once. Binance says to check the withdrawal page or its network status page for each coin, and to try again after a short while if a withdrawal doesn’t go through. Delays and longer processing times are expected in the first hours. Deposits have worked as normal since Friday.
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How Much of the Stolen Crypto Has Binance Replaced?
About 95%, or roughly $6 billion. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed, Binance says. The last 5% is in smaller tokens that take longer to buy on the market and through OTC desks.
The money came from part of its SAFU emergency fund, part of the futures insurance fund and Binance’s own treasury. The SAFU share was a single transfer of 7,499 BTC, worth about $582 million, and Binance says it will refill SAFU to about $1 billion. About $3 billion of the stolen funds is also frozen onchain.
SIDE TRAIL: Binance Withdrawals Back Within 48 Hours: What Users Should Do Now
When Is the Binance Proof of Reserves Report?
The full proof is due by Tuesday, November 3. Binance took a new proof of reserves snapshot at 00:00 UTC on Saturday, and the zero-knowledge proof behind it takes 40 to 50 hours to generate. Once it is out, anyone holding one of the ten covered coins can check that their balance is backed at least one to one. Is Binance safe again? That Binance proof of reserves report is the first answer users can check themselves.
What Should Binance Users Do Now?
Don’t race the queue. Scammers know about the waits: any “Binance support” message offering a faster withdrawal is fake. Watch your Binance withdrawal status in the app, send a small test first and check the network before moving a large amount.
BNB trades at $703 at the time of writing, flat on the day and below its 50-day moving average at $749. Bitcoin is at $77,650.
Our crew is watching how fast the networks open, Tuesday’s proof and the post-incident report Binance promised. The full story of the theft is in our Binance hack report.
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In crypto since 2016. Trades the macro picture and reads the market on the high timeframes.
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