Binance, the world’s largest cryptocurrency exchange, has begun restarting cryptocurrency withdrawals, which were temporarily suspended following a $6.3 billion cyberattack. The exchange announced that withdrawals will be gradually restored across 15 different blockchain networks, initially including Bitcoin (BTC), Ethereum (ETH), BNB, XRP, and Solana (SOL). Binance also stated that 95% of the assets lost in the attack have been recovered using company resources.
According to Binance’s fourth security update released today, the first phase of withdrawals will be gradually initiated between 09:00 and 12:00 Turkish time.
Binance founder Changpeng Zhao (CZ) also confirmed the resumption of BTC withdrawals in a statement following the development, saying, “Bitcoin withdrawals are active.”
The exchange stated that deposit transactions were not affected by the security incident and continued as normal.
Which Altcoins Does Binance Now Allow Withdrawals?
According to a statement shared by Binance, withdrawals for select cryptocurrencies will be made available again in 15 different blockchain networks in the first phase.
Withdrawals are gradually being enabled on the following networks: Bitcoin (BTC), Ethereum (ETH, USDT, and USDC), BNB Smart Chain (BNB, USDT, and USDC), Tron (TRX and USDT), and Solana (SOL, USDT, and USDC).
In addition, withdrawals of the respective native cryptocurrencies on the XRP, Zcash (ZEC), Dogecoin (DOGE), and Sui (SUI) networks will be restarted.
USDT and GRAM on the TON network; POL, USDT, and USDC on the Polygon network; AVAX, USDT, and USDC on the Avalanche C-Chain; and ETH, USDT, USDC, and ARB on the Arbitrum network were also included in the first phase.
Withdrawals will be supported for ETH and USDC on the Base network, and for ETH, USDT, and USDC on the Optimism network.
Binance announced that the withdrawal queue for cryptocurrencies is determined by user demand over the past week and will be activated after each network completes its security checks.
The exchange warned users that delays or temporary failures in transactions might occur in the initial hours due to high traffic. Networks and cryptocurrencies that are not yet open will be added to the system after security checks are completed.
Another significant development in Binance’s latest announcement is that its recovery rate for losses stemming from the $6.3 billion attack has risen to 95 percent.
In its previous update published on October 31, the stock exchange announced that this ratio had reached 90 percent.
According to the latest announcement, BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC assets are now all backed by 100% reserves.
The remaining 5% reportedly consists of altcoins with lower market liquidity.
Binance stated that it continues to purchase these assets through market transactions and over-the-counter (OTC) purchases, but the process may take longer due to low liquidity.
The 95% figure does not mean that the stolen cryptocurrencies have been recovered from the attackers. Binance is covering the losses in user accounts with its own reserves.
UPDATE
Changpeng Zhao (CZ) has made a new statement regarding the restart of cryptocurrency withdrawals. Zhao announced that withdrawals for USDC, USDT, and ETH on the Ethereum network, and USDC, USDT, and BNB on the BNB Smart Chain (BSC) network have been reactivated.
*This is not investment advice.
