Quick answer: Binance withdrawals are on track to reopen on Sunday, Nov. 1, 2026, subject to final security checks. In its third update on Oct. 31, Binance said 90% of the roughly $6.3 billion in stolen assets has been replenished, ten major coins are fully backed, and a new Proof of Reserves snapshot was taken.
Binance withdrawals are on track to reopen on Sunday, Nov. 1, after the exchange said 90% of the assets stolen in this week’s hack have been replenished. Ten major coins are already fully backed, and a fresh Proof of Reserves snapshot is meant to let users check the claim for themselves.
What happened with Binance withdrawals
Binance posted “Security Incident Update #3” on X at about 14:30 UTC on Oct. 31, 2026. It said coverage of the stolen assets had risen to 90%, up from roughly 80% in its previous update, Cointelegraph reported.
The exchange said user balances in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are now fully backed, according to CNBC and Securities.io. The last 10% is mostly less liquid tokens outside the top ten. Binance said it is buying them on the open market and through over-the-counter desks.
Deposits stayed open the whole time. Withdrawals remain paused, but the exchange said it expects to restart them on Sunday if final security checks pass, the BBC reported.
Why the recovery matters
The hack began on the evening of Oct. 29 (UTC) and drained about $6.3 billion from Binance wallets. That makes it one of the largest thefts in crypto history. We covered the first response in our report on the $2.54 billion Binance froze.
Binance has repeated one promise since day one: “Binance will absorb the financial impact of these stolen funds, not our users.” Update #3 is the first time it has backed that with coin-by-coin coverage and a dated reserve snapshot.
The money comes from three places, per Securities.io and Cointelegraph:
- Part of the SAFU fund, an emergency reserve set up in July 2018 and managed by Nest Clearing and Custody, a firm regulated in Abu Dhabi Global Market. Binance said it will refill SAFU to about $1 billion.
- The surplus in its Futures insurance fund, above the level that fund must hold.
- Binance’s own corporate treasury.
Insurance fund balances are not counted in Proof of Reserves. So the new snapshot should show user assets matched by real holdings, not by an emergency pot.
Data and context
The numbers are big, and not all of them are verified yet:
- About $6.3 billion stolen, with $6.34 billion set aside to cover it, including $5 billion in matching assets, according to CNBC and Cointelegraph.
- About $3 billion frozen by partners such as Tether and Circle, per the BBC and CNBC.
- 18,270 BTC taken in the attack, according to CoinDesk and Cointelegraph.
- 90% coverage of $6.3 billion works out to roughly $5.7 billion (CryptoVank estimate).
Blockchain security firm CertiK told Cointelegraph it needed more information before it could verify the $5 billion figure. Binance said the attack was more complex than a single compromised laptop. The BBC reported it involved more than one person and a “self-destruct mechanism”. Analytics firm TRM Labs links the attack to the North Korean group TraderTraitor, which we explained in our TraderTraitor report. Binance has not confirmed that link.
Markets have stayed calm but heavy. BNB fell from $744 to $697 in the first hour of the hack, a drop of about 6%, and hit a low of $695 by 01:00 UTC on Oct. 30. At 16:55 UTC on Oct. 31, CoinGecko showed BNB at $704.95 (+0.79% in 24 hours), Bitcoin at $77,511 (+0.32%) and Ether at $2,250.38 (+1.11%). October has already been rough for Bitcoin, as we noted in our look at its worst October since 2014.
What to watch next
- The Sunday restart. Binance has said “on track”, not “guaranteed”. Expect withdrawals to open in stages, with possible queues and extra checks on large requests.
- The zero-knowledge proof. The Oct. 31 00:00 UTC snapshot takes 40 to 50 hours to prove in full. Binance expects it by Nov. 3, 2026 (UTC). Check your own balance in the tool once it is live.
- The last 10%. Watch how quickly smaller tokens are bought back, and whether those purchases move their prices.
- Regulators. Offshore exchanges were already under pressure, as in the CFTC registration push.
If the hack made you rethink keeping everything on one exchange, our crypto card comparison covers ways to spend from your own wallet.
Binance withdrawals FAQ
When will Binance withdrawals reopen?
Binance says withdrawals are on track to restart on Sunday, Nov. 1, 2026, subject to final security checks. Deposits never stopped.
Are my funds on Binance safe after the hack?
Binance says it will cover user losses in full. Ten major coins, including BTC, ETH and USDT, are already 100% backed, and the remaining 10% is being bought back. Independent firms have not yet verified every figure.
How can I check Binance’s Proof of Reserves?
A new snapshot was taken at 00:00 UTC on Oct. 31. Binance expects the full zero-knowledge proof by Nov. 3, 2026 (UTC). After that, users can check their own balances with the exchange’s verification tool.
Sources
- Binance on X: Security Incident Update #3
- Cointelegraph: Binance says 90% of hacked assets replenished
- CNBC: Binance hack asset coverage and withdrawals
- BBC News: Binance hack update
- Securities.io: Binance hack loss coverage reaches 90%
- CoinDesk: Bitcoin stolen from Binance tops Tesla’s holdings
- CoinGecko: BNB price data
This article is for information only and is not financial advice. Crypto assets are volatile; do your own research before making any decision.
