Binance has reopened cryptocurrency withdrawals across 87 blockchain networks as it continues restoring services following a security breach that resulted in estimated losses of $6.3 billion. The exchange said on Nov. 14 that it was targeting the restoration of all remaining networks and assets by the end of next week.
Withdrawals have resumed for assets across networks including Litecoin, Cardano, Stellar, Avalanche, NEAR, and Cosmos. The latest update follows comments by Binance co-CEO Richard Teng, who said the exchange had replenished 95% of the cryptocurrency stolen in the breach and would cover the remaining losses through its Secure Asset Fund for Users (SAFU) and corporate resources.
Speaking at Hong Kong FinTech Week, Teng said Binance had set aside sufficient funds to absorb the losses and would not pass the cost of the incident on to customers. The remaining 5% consisted of less liquid cryptocurrencies that the exchange was sourcing through over-the-counter providers to avoid putting additional pressure on market prices, he said.
Binance had moved to secure its systems, close the attack route and rebuild its withdrawal function before gradually restoring services. The company was also reviewing and replacing affected infrastructure and testing systems before resuming withdrawals. Teng said deposits and withdrawals had largely returned to normal levels after an initial increase in customer outflows following news of the breach.
Binance said some withdrawals could still experience temporary delays or longer processing times because of increased network traffic. Customers were advised to check the exchange’s withdrawal page for the latest status of individual assets and networks. Teng said the exchange would publish a detailed post-mortem report on the incident. He also pointed to Binance’s proof-of-reserves system, which allows users to verify whether customer balances are backed by assets held by the exchange on a one-to-one basis.
The exchange, which has about 340 million users globally, has received assistance from corporate partners, regulators, and law enforcement agencies following the breach. The reopening of the remaining withdrawal networks and the replenishment of affected assets are central to Binance’s efforts to restore customer confidence as it works to return services to normal.
