Binance has restored withdrawals for USDC, USDT, ETH, and BNB on November 1 following a staged recovery after an October 29 security incident drained roughly $6.3 billion from hot wallets, according to Crypto Briefing.
Binance Restores $6.3B Breach Withdrawals Across Major Assets
Binance reopened stablecoin and native token withdrawals following an October 29 hot wallet security breach that drained roughly $6.3 billion across networks.
The resumption restores user access to the most widely moved digital assets across the Ethereum and BNB Smart Chain networks following a complete freeze on outgoing funds. By backing balances with over $6.34 billion in corporate funds, the exchange moved to absorb the loss directly, providing financial backstopping to maintain platform stability and balance sheet integrity.
Phased Withdrawal Restoration and Hot Wallet Recovery
The reopening of exit routes on Binance unfolded through a phased rollout across 15 blockchain networks, according to Crypto Briefing. Bitcoin withdrawals were restored first earlier on November 1, prior to the expansion into Ethereum and BNB Smart Chain. The restored assets on Ethereum include USDC, USDT, and ETH, while BNB Smart Chain withdrawals now cover USDC, USDT, and BNB.
Binance cautioned users that temporary processing delays may occur as transaction volumes remain elevated during the initial recovery window, according to Crypto Briefing. Throughout the entire security pause that began on October 29, deposit channels remained operational, allowing incoming user funds to flow continuously while outgoing processing remained locked.
Live pricing data shows Ethereum ($ETH) trading at $2,272.38, up 1.48% as of 2026-11-01T08:50Z. Tether ($USDT) traded at $0.999539, up 0.03% as of 2026-11-01T08:50Z, while USDC ($USDC) stood at $1.00, up 0.01% as of 2026-11-01T08:50Z. Tether currently trades above every daily close recorded since October 6, while USDC trades above every daily close since October 8.
Financial Backstop, Proof of Reserves, and Recovery Operations
The breach targeted hot wallets—the internet-connected systems used by cryptocurrency exchanges to handle daily operational transaction flow—spanning multiple blockchain networks, according to Crypto Briefing. Following the October 29 compromise, Binance halted all withdrawal functionality to execute internal security audits and replenish drained asset pools.
To cover the losses, Binance committed more than $6.34 billion in corporate funds, an amount that slightly exceeds the estimated $6.3 billion taken during the attack, according to Crypto Briefing. By the November 1 resumption, the exchange had completed approximately 95% replenishment of affected holdings. Furthermore, Binance published an updated Proof of Reserves indicating that listed user balances across major crypto assets, including BTC, ETH, and USDC, remain 100% backed.
Parallel recovery operations conducted by Binance and industry partners have successfully frozen or located approximately $3 billion of the stolen funds, according to Crypto Briefing. The exchange plans to publish a detailed post-incident report outlining the full scope of the security failure and the details of its technical response.
What to Watch
- Sunday, Nov 1: Further network rollout updates — Progress on expanding withdrawal access across remaining blockchain networks beyond the initial 15 supported chains.
- Sunday, Nov 1: Withdrawal processing times — Monitoring whether initial network congestion and temporary transaction delays ease as early withdrawal demand subsides.
- Sunday, Nov 1: Asset recovery progress — Ongoing tracking of parallel efforts to freeze and reclaim the remaining portion of the approximately $3 billion in located stolen funds.
- Sunday, Nov 1: Post-incident report publication — Release of Binance's formal post-incident technical analysis explaining the root cause of the multi-chain hot wallet breach.
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