Short answer: Binance says withdrawals return today, Sunday, November 1, but as of Sunday morning Pakistan time no Binance post has confirmed that withdrawals have actually restarted.
The exchange says it remains on track, and it says the restart will happen in phases once security checks pass. Treat today as the test day, not as a done deal.
The Binance hack withdrawals reopen plan is the story every user should watch today, not the headlines that already call it done.
- Key Takeaways
- What Binance Actually Said on October 31
- Replenished Is Not Recovered
- The Numbers, Worked Out Plainly
- What to Check Before You Withdraw
- What Happens Next
- FAQs
- Have Binance withdrawals reopened yet?
- What does 90% replenished actually mean?
- Which tokens are fully backed now?
- When can users verify the reserves themselves?
- Will users lose money from the hack?
- Conclusion
That distinction drives this whole article. Binance has replaced about 90% of the roughly $6.3 billion stolen on October 29, up from about 80% a day earlier.
The remaining 10% sits in less liquid tokens that take longer to buy. The full cryptographic proof that lets users check their own balances is due November 3.
Key Takeaways
- Binance says 90% of the stolen crypto is replenished, and ten major tokens are now fully backed at 100% or more.
- Withdrawals are due Sunday, November 1, in phases, subject to security checks. No exact time has been given, and no restart has been confirmed yet.
- Replenished does not mean recovered. Binance bought replacement tokens with its own money. About $3 billion frozen by partners is a separate pool.
- The October 31 proof of reserves snapshot is not the full proof. The zero knowledge proof takes 40 to 50 hours to build and is due November 3.
- Security firm CertiK says it still needs more information to verify the claimed $5 billion in replacement holdings.
What Binance Actually Said on October 31
Binance published its third recovery update on October 31. The post says the covered amount rose from about 80% to 90% of the stolen assets.
Co-CEO Richard Teng wrote on X that users will not bear the financial impact of the incident.
Read that post on its own terms and it is careful in one important way. It says Binance remains on track to reopen withdrawals within the stated timeframe, on Sunday, November 1.
It does not say withdrawals have reopened. It also promises a further update as soon as details are confirmed.
The Three Funding Pools
Binance says the replacement tokens come from three of its own pools. The first is the corporate treasury.
The second is a portion of the Futures insurance fund, with the rest kept because regulators require it.
The third is a partial deployment of the Secure Asset Fund for Users, known as SAFU. Binance says that deployment was expected over the next 24 hours from the October 31 update.
It also commits to restoring SAFU to about $1 billion after the drawdown.
The Ten Tokens Now Fully Backed
Binance names ten tokens as fully backed at 100%. They are BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC.
Users who hold these tokens should be able to verify at least 1:1 backing once the full proof is ready.
Everything outside that list makes up the remaining 10%. Binance says it will keep buying those tokens through market and over the counter channels until every affected asset reaches 100%.
Thin markets and slow settlement explain why this part takes longer.
Replenished Is Not Recovered
Competitors blur this point, so let us state it plainly. Replenished means Binance spent its own money to buy new tokens that replace the stolen ones.
Recovered would mean investigators took the stolen tokens back from the attacker. Binance has not claimed the second thing.
About $3 billion of the stolen assets has been frozen by industry partners, including Tether and Circle. That frozen pool is separate from the replenished tokens.
Frozen does not mean returned either, since frozen funds still need legal process before anyone can claim them.
Our own view: this is the strongest and weakest part of the story at once. It is strong because Binance could fund a multibillion dollar replacement without touching user balances.
It is weak because every replenishment figure so far is a Binance self report, and the independent check is still two days away. That is why yesterday’s day-two update framed the reopening as a verification exercise, not a celebration.
| Claim | Status on November 1 morning | What would prove it |
|---|---|---|
| 90% of stolen assets replenished | Claimed by Binance, October 31 | Full zero knowledge proof, due November 3 |
| Ten major tokens fully backed | Snapshot published October 31 | User level verification in the November 3 proof |
| Withdrawals reopen November 1 | On track, not yet confirmed | A Binance confirmation post plus working withdrawals |
| About $3 billion frozen by partners | Reported by Binance and partners | On chain tracking and partner statements |
| SAFU restored to about $1 billion | Committed, not yet done | An updated SAFU balance from Binance |
The Numbers, Worked Out Plainly
Big numbers blur fast, so here is the arithmetic in plain terms. 90% of $6.3 billion is about $5.67 billion replaced.
The remaining 10% is about $630 million still to source.
Binance says it set aside more than $6.34 billion in company funds to cover the incident. About $5 billion of that sits in the exact tokens that were stolen.
The gap between the reserved amount and the stolen amount gives Binance some room, but it does not explain where each dollar came from, since Binance has not published a pool by pool breakdown.
Bitcoin itself closed October 31 near $77,435, up 0.4% on the day, after trading in a $76,974 to $77,608 range. The Crypto Fear and Greed Index read 34, which sits in Fear territory.
That calm close matters because Bitcoin fell to a six-week low as the security scare met a large options expiry just days earlier. Prices can still move fast, and this article makes no price direction promise.
One more date deserves a note. October 31 marked 18 years since the Bitcoin white paper appeared.
The anniversary passed quietly this year, with the industry watching an exchange balance sheet instead. That contrast says a lot about how far Bitcoin has travelled from a white paper to a system where one hack can move billions.
What to Check Before You Withdraw
When withdrawals return, slow down on purpose. Phased restarts often bring queues, delays and new limits, and scammers love exactly that confusion.
Use only the Binance app or a web address you type yourself.
Start with a small test withdrawal before you move a large amount. Confirm it lands in the right wallet, on the right network, before you send the rest.
Never pay anyone who offers to speed up your withdrawal, since Binance does not sell queue priority.
Five Checks for Withdrawal Day
First, check the Binance announcement channel itself, not a screenshot shared in a group chat. Second, confirm the asset and network match your receiving wallet exactly.
Third, watch for a queue notice or a temporary limit, and do not panic if one appears.
Fourth, move coins you plan to hold long term to a wallet you control, rather than leaving them on any exchange by habit. Fifth, keep records of every withdrawal, including the transaction ID, in case support asks for proof later.
If you are new to Binance, our Binance review explains how the platform works and where beginners usually trip up. And remember that exchange hacks are not new, even though this one is the largest on record by value.
What Happens Next
Two dates decide whether this recovery story holds. The first is today, when phased withdrawals must actually work at scale.
Queues and delays would be normal, but a fresh pause would damage trust fast.
The second date is November 3, when the full zero knowledge proof is due. That proof lets users holding the ten named tokens check that their balances sit inside Binance’s reported liabilities.
Until then, the October 31 snapshot shows coverage of 100% or more, but users cannot yet verify their own balances inside it.
CertiK’s caveat belongs in every honest version of this story. The security firm says it needs more information to verify the claimed $5 billion in replacement holdings.
That is not an accusation of dishonesty. It is a reminder that a claim and a check are different things, and the check arrives November 3.
Investigators also continue their work in the background. Analytics firms TRM Labs and Chainalysis attribute the attack to TraderTraitor, a North Korea linked hacking group.
Binance co-CEO Richard Teng says investigators found additional breach points beyond the first suspected compromised employee laptop. The FBI and the US Secret Service are involved in the response.
For context on the assets at the centre of this story, see our list of the largest cryptocurrencies by market value. BTC, ETH, SOL and XRP all sit in that top group, which is why their full backing matters so much to ordinary users.
FAQs
Have Binance withdrawals reopened yet?
No Binance post had confirmed a restart as of Sunday morning Pakistan time on November 1. Binance says withdrawals remain on track to reopen on Sunday, November 1, in phases, subject to security checks.
What does 90% replenished actually mean?
It means Binance says it has bought replacement tokens covering about 90% of the roughly $6.3 billion stolen. It does not mean Binance recovered 90% of the stolen tokens from the attacker.
Which tokens are fully backed now?
Binance names BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC as fully backed at 100%. The remaining 10% covers less liquid tokens outside that list.
When can users verify the reserves themselves?
Binance says the full zero knowledge proof should be ready by Tuesday, November 3. The October 31 snapshot is an interim figure, not the finished verification.
Will users lose money from the hack?
Binance says it will absorb the full financial impact and users will not bear the loss. That promise still rests on Binance’s own funds until the November 3 proof lets users check independently.
Conclusion
Day three is a credibility test, not a victory lap. Binance has moved fast, and 90% replenishment in two days is a serious logistical feat.
But the two things users most need, working withdrawals and an independently verifiable proof, are both still marked as coming soon.
Watch the Binance announcement channel today for the restart confirmation, and watch November 3 for the proof. If both land cleanly, this becomes a case study in how a large exchange absorbs a historic loss.
If either slips, the questions start again, and they will be harder the second time. We will update this story as soon as Binance confirms the restart.
