Binance Resumes Bitcoin Withdrawals Following $6.3 Billion Security Breach

The exchange initiated its first recovery phase between 06:00 and 09:00 UTC, allowing users to move Bitcoin and assets across networks including Ethereum, Solana, and the BNB Smart Chain. Co-CEO Richard Teng confirmed the company is absorbing the financial losses from the breach, utilizing resources from its corporate treasury and emergency funds to back user balances. While major assets like ETH, USDT, and USDC are now fully covered, the remaining 5% of stolen funds—consisting of lower-liquidity tokens—await further replenishment.

Founder Changpeng Zhao confirmed the restoration of Bitcoin services via social media as the company pushes to regain full operational status. Co-founder Yi He noted that subsequent withdrawal phases will be determined by market capitalization and user demand, pending rigorous security audits. Although the exchange published a new Proof of Reserves snapshot on October 31, full cryptographic verification is not expected until November 3. Investigations into the breach remain ongoing, with early findings pointing to a compromised employee laptop as a potential entry point for the attackers.