Binance Unlocks Withdrawals on 87 Chains, Refills 95% of $6.3B Hack Haul

Binance reopened crypto withdrawals across 87 blockchain networks, the exchange said on Nov. 14, as it works its way back from a security breach that ran up an estimated $6.3 billion in losses. Litecoin, Cardano, Stellar, Avalanche, NEAR and Cosmos are among the networks where assets can move again. Binance says it is aiming to have every remaining network and asset restored by the end of next week.

Co-CEO Richard Teng, speaking at Hong Kong FinTech Week, said Binance has already replenished 95% of the cryptocurrency stolen in the breach. The leftover 5% is made up of less liquid tokens that the exchange is sourcing through over-the-counter providers so the buying doesn't push market prices around. The bill is being covered by Binance's Secure Asset Fund for Users (SAFU) and corporate resources, and Teng said customers won't be handed the cost of the incident.

Getting withdrawals back online took work behind the scenes. Binance secured its systems, shut the attack route and rebuilt its withdrawal function before switching services back on gradually, while also reviewing and replacing affected infrastructure and running tests. Some withdrawals may still hit temporary delays or longer processing times thanks to heavier network traffic, and the exchange is telling customers to check its withdrawal page for the status of individual assets and networks.

Teng said deposits and withdrawals have largely returned to normal after an initial spike in customer outflows when news of the breach broke. Hourly flows have since stabilised into a more balanced pattern, he said. He also promised a detailed post-mortem report on the incident and pointed to Binance's proof-of-reserves system, which lets users check that customer balances are backed one-to-one by assets the exchange holds.

Binance, which counts about 340 million users worldwide, has pulled in help from corporate partners, regulators and law enforcement agencies since the breach.