Binance Prepares to Resume Withdrawals, Unveils $6.3B Hack Recovery Plan

Binance is preparing to restore withdrawals in phases after its $6.3 billion hack, with reopening dependent on security checks. The exchange committed company funds to replace stolen assets while investigators expanded their review of the breach. Binance outlined a four-part hack recovery plan on Oct. 30 in its second Security Incident Update, targeting the start of withdrawal restoration within approximately 34 hours of the update. Its phased withdrawal restart remained subject to completed security checks, remediation, and validation of affected systems. Deposits and other unaffected services remained operational, according to the announcement. Co-CEOs Yi He and Richard Teng signed the update, which placed the hot-wallet compromise at approximately 8:05 p.m. UTC on Oct. 29.

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