Cryptocurrency exchange Binance has resumed withdrawals following a significant security breach that saw approximately $6.3 billion compromised. The temporary suspension, implemented to assess and secure affected infrastructure, concluded with the platform progressively normalizing services.
Upon the restoration of withdrawal capabilities, Binance recorded net outflows totaling $3.64 billion within the first nine and a half hours. During this period, total withdrawal volumes reached over $4.64 billion, partially offset by $1.01 billion in incoming deposits. The exchange noted that this net outflow represented 2.1% of its estimated $171 billion in total assets under management.
Binance Assures Compensation for Affected Funds
Binance has moved to reassure its user base, confirming that all customer funds affected by the breach will be fully compensated. The company plans to utilize internal reserves and its Secure Asset Fund for Users (SAFU) to cover the losses. The exchange reported that approximately 95% of the impacted amount has already been covered, an increase from its previous update of 90%.
The remaining 5% largely consists of less liquid tokens outside the top 10 cryptocurrencies, which require more time to source in the necessary quantities. Binance explicitly stated it would absorb the financial impact of the stolen funds, ensuring no losses are passed on to its customers.
Phased Restoration of Withdrawal Services
The initial phase of withdrawal restoration covers 15 blockchain networks, making selected cryptocurrencies and stablecoins available. These include major assets like Bitcoin (BTC), Ethereum (ETH), BNB, Tron (TRX), Solana (SOL), XRP, Zcash (ZEC), Dogecoin (DOGE), TON, Polygon (POL), Avalanche (AVAX), Arbitrum (ARB), Base, and Sui (SUI), alongside stablecoins such as USDT and USDC.
Wallets associated with other cryptocurrencies are currently undergoing repeated security audits and perimeter checks. Binance indicated that their restoration would be prioritized based on factors including market capitalization, locked funds, and user base size. A definitive timeline for restoring withdrawals across all remaining cryptocurrencies has not yet been announced as the exchange continues to monitor network performance.