Binance Opens Bitcoin Withdrawals After $6.3 Billion Hot-Wallet Breach

Binance has reopened Bitcoin withdrawals in a staged recovery after a hot-wallet breach that the exchange estimates caused about $6.3 billion in token-asset losses.

On Sunday, Nov. 1, Binance identified the Bitcoin network as the first opened for withdrawals. The first phase was scheduled to run from 1 a.m. to 4 a.m. ET (06:00–09:00 UTC) and cover 15 networks. The plan includes Ether (ETH), Tether (USDT) and USD Coin (USDC) on Ethereum, plus BNB and the two stablecoins on BNB Smart Chain. Binance said routes would become available progressively after security checks.

The exchange placed the compromise at about 4:05 p.m. ET (20:05 UTC) Oct. 29. It said it had covered about 95% of the affected amount, up from 90% in its prior update, and that balances in 10 major assets were fully backed.

Deposits remained open during the withdrawal pause. Hot wallets are internet-connected wallets used to process transactions quickly. Binance warned that withdrawal processing could be delayed during the phased restart and told customers to check availability for each asset and network.