Binance reopens withdrawals for 87 blockchains after $6.3 billion breach

Binance has resumed cryptocurrency withdrawals across 87 blockchain networks following a security breach in which $6.3 billion was compromised, achieving a major milestone in its service restoration efforts. The company is working to reestablish full customer access after nearly two weeks of disruption caused by the incident.

Restoration of Major Blockchains and Services

The latest reopening phase, announced on November 14, covers blockchains such as Aptos, Hyperliquid, Cardano, Avalanche, Stellar, Near Protocol, Litecoin, and Filecoin. Binance is known as the world’s largest cryptocurrency exchange by trading volume and serves millions of users globally.

According to the company, withdrawal support for all remaining networks and assets is scheduled for completion by the end of next week. However, Binance warned that some withdrawal transactions might experience delays during the rollout, as the process will be gradual to ensure security and stability.

This reopening follows a period when customers collectively withdrew $4.72 billion from the platform, intensifying pressure on Binance to demonstrate its resilience and ability to protect user funds.

Previously, Binance restored withdrawal functionality for major cryptocurrencies, including Bitcoin, Ethereum, BNB, Solana, and XRP, before moving to less liquid currencies and networks.

Withdrawal support now extends to a broader range of networks, including HYPE, ADA, AVAX, XLM, NEAR, ATOM, TIA, ICP, FIL, APT, and many others. However, not every asset or withdrawal route is available on every newly restored network, making it essential for users to verify options for their chosen cryptocurrency before initiating transactions.

The phased reopening included a specific focus on XRP withdrawals, restoring access to assets issued on the XRP Ledger.

Replacement of Stolen Assets and Proof of Reserves

Binance reported that it has completed the replacement of customer assets stolen during the October 29 security breach. On November 12, the company said it used more than $6.34 billion from its own resources to cover losses. These funds were sourced from Binance’s Secure Asset Fund for Users (SAFU), futures insurance allocations, and corporate treasury accounts.

Additionally, Binance published a new proof-of-reserves snapshot for 198 cryptocurrencies. This snapshot employs zero-knowledge verification technology to confirm that customer balances are backed 1:1 by assets held on the exchange.

Previous efforts by Binance verified reserves for ten major cryptocurrencies. The expansion to 198 assets marks a significant step in the company’s transparency initiatives.

It is important to note that replacing customer assets does not equate to recovering the stolen funds from the perpetrators. The incident initially involved a theft of approximately $296 million in XRP and later escalated into a wider, cross-chain attack.

Shortly after the resumption of withdrawals, Binance observed significant customer outflows, underscoring the distinction between restoring balances and regaining user confidence.

Investigators traced roughly $101 million in stolen XRP as it moved between blockchain addresses connected to the breach, illustrating the difficulty of containing stolen cryptocurrency once it leaves an exchange.

Mini dictionary: Zero-knowledge verification is a cryptographic method that allows one party to prove the validity of information without revealing the actual data. In exchanges, it is used to demonstrate asset backing without exposing sensitive customer details.