Global cryptocurrency exchange Binance has announced plans to resume cryptocurrency withdrawals in phases on November 1 after a major cyberattack resulted in the loss of approximately $6.3 billion in digital assets.
The exchange said it has restored financial backing for around 95% of the affected assets using company resources and its Secure Asset Fund for Users (SAFU).
The security breach occurred on October 29, when attackers reportedly compromised Binance hot wallets and transferred large amounts of cryptocurrency across multiple blockchain networks.
According to blockchain analytics firm TRM Labs, the stolen assets were worth approximately $6.36 billion at the time of the attack.
Binance has assured customers that it will cover the financial losses and that affected users will not bear the cost of the incident.
The company also confirmed that its first phase of withdrawal services is scheduled to begin between 6am and 9am UTC on November 1. The restoration will take place gradually as security checks are completed.
Binance initially suspended withdrawals following the incident while its security teams investigated the breach and strengthened affected systems.
Deposits and other unaffected platform services remained operational during the suspension.
The exchange has made significant progress in replacing the affected cryptocurrency holdings. In its October 30 update, Binance reported that approximately 80% of the affected assets had been covered, increasing to 90% in its October 31 announcement.
In its latest recovery update on November 1, the company confirmed that the figure had reached approximately 95%.
Binance said it had allocated more than $6.34 billion to cover the financial impact of the attack. The funds include resources from SAFU and the company’s treasury.
The exchange also confirmed that major cryptocurrencies, including Bitcoin, Ethereum, BNB, Solana, XRP, USDT and USDC, were fully backed by reserves.
The remaining 5% involves less-liquid cryptocurrencies outside the top 10 affected assets. Binance said these tokens require additional purchases through cryptocurrency markets and over-the-counter transactions.
Meanwhile, blockchain investigators and cryptocurrency companies have been working with law enforcement agencies to trace the stolen funds.
Binance reported that approximately $3 billion in affected assets had been frozen on-chain through cooperation with industry partners and asset issuers.
Stablecoin issuers such as Tether and Circle can freeze certain tokens when suspicious transactions are identified. However, recovering other cryptocurrencies can be more complicated because they do not have a central authority capable of freezing transactions.
It is important to distinguish between frozen funds and replenished assets. Binance’s 95% figure represents the financial backing restored for affected holdings, not the percentage of stolen cryptocurrency recovered from the attackers.
According to TRM Labs, the attack involved cryptocurrency transfers across approximately 10 blockchain networks, including Bitcoin, Ethereum, Solana and Tron. Most of the reported transfers occurred within around 20 minutes.
The FBI has attributed the incident to TraderTraitor, a North Korean-linked hacking operation, according to reports and blockchain intelligence findings.
The attack has raised serious questions about security arrangements at major cryptocurrency exchanges and the protection of digital assets held in hot wallets.
Binance has said it will publish a detailed post-incident report after completing its investigation.
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The phased withdrawal restoration marks an important step towards normal platform operations. However, the company continues to work on replenishing the remaining affected assets, investigating the security breach and supporting efforts to recover the stolen funds.
