Binance has resumed crypto asset withdrawals — November 1, in phases. Withdrawals were halted after the largest hack in crypto market history. Damage is estimated at $6.3 billion.
The exchange is covering the loss itself. It states it has reimbursed about 95% of the affected assets from its own resources. The losses will not be passed on to clients.
A withdrawal is the sending of coins from the exchange to your own wallet or to another platform. While the button is disabled, the money is visible in the account, but you cannot withdraw it. That is precisely why such news concerns everyone who keeps funds on an exchange.
What has already been opened?
The first phase took place in the 09:00–12:00 MSK window. Two networks and six directions are available.
- Ethereum — USDC, USDT, ETH
- BNB Smart Chain — USDC, USDT, BNB
USDC and USDT are stablecoins, coins with an exchange rate pegged to the dollar.
Why were withdrawals closed in the first place?
The attack occurred on Thursday. Withdrawals were suspended after it: the team was checking the infrastructure and residual risks.
- The FBI. The agency linked the hack to operators from North Korea.
- The US Secret Service. It also joined the investigation of the incident.
- Blockaid. According to the company, hackers withdrew $2.5 billion from one of the exchange's wallets.
Deposits were not halted. All this time, only withdrawals were closed.
Where did the 95% come from?
Reimbursement proceeded in stages. First 80%, then 90%, now 95%.
- The remaining 5% — tokens outside the top ten
- The reason for the delay — liquidity for such coins is lower
- What the exchange is doing — buying up the required volume on the market and through over-the-counter channels
What happens next?
The remaining networks and assets will be opened in phases. Each queue is launched after security checks, and the order is determined by user demand over the past week.
Binance warned of possible delays due to load. If an operation did not go through, it is advised to retry later. The exchange posts the status of each network on its official page and in its channel.
The main point: access to your money depends not only on the market, but also on the state of the platform. It is worth checking the withdrawal terms of crypto platforms and prop firms in advance.
Spent two days with withdrawals closed?
Such days remind you of a simple thing. Money on an exchange is yours only until the withdrawal button is turned off. In prop trading, the risk is structured differently: the company holds the liquidity and the account. Your questions are different — which exchange execution goes through, how quickly the profit share is paid out, and whether there is a limit on a single payout. Payout timelines, execution venues, and the list of available coins vary greatly among prop firms. It is more convenient to verify this in a calm market, not on the day of another incident.