Binance reopens USDC, USDT, ETH and BNB withdrawals after $6.3 billion hot wallet breach

what happened

According to Crypto Briefing, Binance has reopened withdrawals for USDC, USDT and ETH on Ethereum, and for USDC, USDT and BNB on BNB Smart Chain. Bitcoin withdrawals came first, and the rollout has now expanded to 15 networks. The exchange warned that temporary delays are possible while traffic stays high.

The October 29 attack hit hot wallets across several blockchains, which is why the reopening is happening chain by chain. The exchange says it has set aside more than $6.34 billion in corporate funds to back user balances, and that about 95% of the affected assets have been replenished. Binance also points to an updated Proof of Reserves.

Binance and its partners have frozen or located around $3 billion of the stolen assets, according to the exchange. Further phases depend on additional security assessments and user demand, and no fixed timetable has been given.

why it matters

Two things matter for markets: the largest exchange is letting users move its main stablecoins and ETH again, and covering a loss of this size from corporate funds points to financial capacity. Traders will watch whether delays ease and how much of the roughly $3 billion is recovered.

market impact

Crypto: reopened withdrawals on Binance ease fears of liquidity outflows from the exchange

• ▲Binance user liquidity pressure up — withdrawals reopened, easing fears of outflows from the exchange

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