Binance has partially restored XRP withdrawals following a hot-wallet breach that forced a multi-day freeze for users. The move allows account holders to transfer XRP out of the exchange in the first phase of a broader reopening process that will gradually restore service for other affected tokens.
Phased Withdrawal Resumption
The withdrawal window for XRP was opened on November 1, 2026, between 06:00 and 09:00 UTC, providing users one of their first opportunities since the incident to move their balances to external wallets. Binance reported that this phased reopening comes after extensive security reviews and adjustments.
During this stage, withdrawals for USDT and USDC were also enabled across prominent networks including Ethereum, BNB Chain, Solana, and Arbitrum. Other major cryptocurrencies, such as Bitcoin, Ether, BNB, Solana, Dogecoin, and Zcash, were made available in the same tranche, with Binance prioritizing assets in response to user demand over the previous week.
Deposits into the exchange remained functional throughout the freeze. However, users had been unable to withdraw from their accounts since October 29, when the security breach occurred.
Binance confirmed that user funds remain secure, stating that the exchange will bear the financial losses caused by the attack rather than passing them on to customers.
Binance cautioned that transaction processing might be slower than usual during the initial reopening period due to high demand. Users attempting to withdraw eligible assets who face delays have been encouraged to retry after a short interval.
| Asset | Withdrawal Status | Network | Phase One Eligible |
|---|---|---|---|
| XRP | Opened | Mainnet | Yes |
| USDT | Opened | Ethereum, BNB Chain, Solana, Arbitrum | Yes |
| USDC | Opened | Ethereum, BNB Chain, Solana, Arbitrum | Yes |
| BTC, ETH, BNB, SOL, DOGE, ZEC | Opened | Respective Networks | Yes |
Aftermath of the Hot-Wallet Breach
The October 29 attack targeted Binance’s hot wallets, resulting in unauthorized withdrawals and prompting the exchange to freeze user withdrawals. A subsequent update on October 30 estimated the financial impact of the breach at roughly $6.3 billion.
Following several recovery efforts, Binance reported in its fourth recovery update that coverage for affected assets had increased to approximately 95%, up from about 90% the prior day. The company stated that principal cryptocurrencies such as BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC are now fully backed. The residual 5% comprises less liquid tokens, which Binance is repurchasing through direct market and over-the-counter channels.
The exchange is reportedly collaborating with law enforcement and industry partners to track the stolen assets and enhance future security measures.
Mini dictionary: Hot wallet — A hot wallet is a cryptocurrency wallet connected to the internet and used for routine transactions, making it more convenient but also more vulnerable to security breaches than offline, or “cold,” wallets.
Ongoing Restoration and User Impact
The reopening does not yet represent a full restoration of all crypto networks and tokens. Only select assets with heightened user demand have been prioritized. Binance indicated that more networks and tokens will be re-enabled in subsequent phases, once further security checks are complete.
Some users may encounter delays as the transaction backlog is processed. Additionally, company updates on the extent of fund coverage are based on Binance’s internal recovery assessments, and a comprehensive post-incident report is still pending.
The revival of XRP withdrawals marks the beginning of relief for users unable to access their assets since the freeze, though uncertainties remain about when all services will resume completely.
