Binance has resumed USDT, USDC, ETH and BNB withdrawals on Ethereum and BNB Smart Chain, giving customers access to stablecoin transfers for the first time since the October 29 hack that drained approximately $6.3 billion.
Summary
- Binance has restored USDT, USDC, ETH and BNB withdrawals across Ethereum and BNB Smart Chain.
- Stablecoin withdrawals resumed on November 1, following Bitcoin’s reopening after the $6.3 billion hack.
- Binance says it has replenished 95% of affected assets, with the remaining 5% awaiting replacement.
- President Donald Trump said he would discuss the hack with North Korea if its involvement is confirmed.
- The FBI attributed the attack to North Korea’s TraderTraitor group as Binance continues reopening withdrawal networks.
In a November 1 announcement, Binance confirmed that USDT, USDC and ETH withdrawals were available on Ethereum, while BNB Smart Chain supported USDT, USDC and BNB. The reopening followed Bitcoin withdrawals earlier Sunday, when the exchange began restoring services after nearly three days of restrictions.
Customers can now transfer their stablecoin holdings through the two supported networks, although other withdrawal routes remain closed while security teams complete their checks.
Binance reopens stablecoin withdrawals after BTC restoration
Bitcoin was the first cryptocurrency Binance allowed customers to withdraw during its phased reopening, which began Sunday morning.
The exchange had scheduled the first recovery window between 06:00 and 09:00 UTC, initially identifying 15 networks for restoration. However, access depended on each network completing its security assessment.
As crypto.news reported earlier Sunday, the BTC network became available before the other listed cryptocurrencies.
With Ethereum and BNB Smart Chain now operating, users have regained access to the two dollar-pegged stablecoins most commonly used for transferring funds between cryptocurrency platforms.
Binance has not disclosed how much USDT or USDC customers transferred following the reopening. Its latest announcement confirmed withdrawal availability but provided no transaction totals or exchange netflow figures.
Any movement of funds from Binance-associated wallets will require closer examination to distinguish customer withdrawals from internal wallet transfers. The exchange may move assets between its own addresses as part of normal liquidity management.
Meanwhile, deposits have remained operational throughout the incident, according to Binance. Customers may therefore continue transferring funds onto the platform even as withdrawal access returns gradually.
The exchange has yet to announce when the remaining networks will reopen.
Binance reports 95% asset recovery as withdrawals resume
Before restoring stablecoin withdrawals, Binance said it had already replaced approximately 95% of the assets affected by the October 29 attack.
The company previously reported 80% coverage, followed by 90% in its October 31 update. The latest figure leaves around 5% of the affected assets awaiting replacement.
According to Binance, BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances are fully backed.
The remaining assets consist mainly of less-liquid cryptocurrencies, which the company has been purchasing through exchanges and over-the-counter trading desks.
Earlier, Binance reserved $6.34 billion in company funds to cover the losses. Its recovery resources include the Secure Asset Fund for Users, corporate treasury holdings and part of its Futures Insurance Fund.
The exchange has maintained that customers will not bear the financial losses caused by the attack.
Binance published an updated Proof of Reserves snapshot taken at 00:00 UTC on October 31. The complete zero-knowledge proof is expected by November 3, allowing customers to verify the backing of their balances.
The company is continuing to purchase the remaining cryptocurrencies while preparing a detailed report on the security breach.
Trump says he will discuss Binance hack with North Korea
The reopening comes as U.S. President Donald Trump has addressed allegations that North Korean hackers carried out the attack.
Speaking to reporters at his Mar-a-Lago residence in Florida on October 31, Trump said his administration was examining the incident.
“We’re looking into it. I’m not worried,” Trump said, according to a November 1 SBS News report.
He added that he did not know whether North Korea was responsible but would discuss the matter with the country if its involvement was established.
His comments followed an October 31 FBI alert, which attributed the theft of more than $6 billion in cryptocurrency to North Korea’s TraderTraitor hacking operation.
The agency said investigators had observed the attackers converting stolen assets primarily into Ethereum. It expects further transfers through decentralized finance protocols and instant-swap services.
The FBI, Secret Service and IRS Criminal Investigation urged cryptocurrency businesses and blockchain operators to block transactions involving addresses connected to the attackers.
Earlier blockchain investigations traced the stolen assets across several networks, including Ethereum, Bitcoin and Tron.
Binance has continued working with law enforcement, token issuers and blockchain analytics firms to freeze and recover stolen cryptocurrency. Its security teams are conducting further wallet checks before enabling the remaining withdrawal networks.
Other Articles
No Comment! Be the first one.