Binance reopens more withdrawals after replenishing 98% of impacted amount

Binance will reopen withdrawals for additional assets at 04:00 UTC on Nov. 5, the exchange said in its latest recovery announcement. That gives users a concrete next step in a process that followed Binance’s plan for progressive service restoration beginning Nov. 3.

The Nov. 5 announcement states withdrawals will reopen for assets “listed below,” so holders should check Binance’s listed-asset scope in that notice to confirm which tokens are covered.

The timing follows Binance’s Nov. 4 statement that approximately 98% of the impacted amount from the security incident had been replenished. In that same Binance notice, the exchange said it had set aside more than 100% of the funds needed to cover losses from its own resources — not from users.

“We have now replenished approximately 98% of the impacted amount, and we continue to buy the remaining token assets through market and OTC channels,” Binance said. It also stated: “Binance will cover the cost of these stolen funds from the recent security incident, not our users.”

Because Binance says 98% has been replenished, 100% – 98% = 2% remains, although the company gives no deadline.

Binance also took a new Proof of Reserve snapshot at 00:00 UTC on Nov. 4, covering 44 tokens against 10 in the previous snapshot — a 340% increase in coverage. The broader set gives users more assets to assess for backing, though the full zero-knowledge proof was still pending as of publication.

Binance said generating that proof would take approximately 50 to 60 hours. The Block, in its Nov. 2 report, quoted Yi He, Binance’s co-founder and co-CEO, estimating 40 to 50 hours after the snapshot was completed. The two published figures don’t align, and neither source supplies a completed-proof timestamp in the available material.

Richard Teng, Binance’s co-CEO, said the latest verification gives users “another way to independently check that their assets are backed.” He added: “There’s still work to do, and we’ll continue to communicate our progress openly.” Yi He said computation time depends on the number of tokens included in the snapshot.

The recovery follows a security incident in which Binance’s internal systems and wallet-signing mechanisms were exploited for more than $6 billion — described in The Block’s report as the largest known crypto exploit on record. North Korean attackers laundered about $242 million of the stolen funds on Tron, adding a separate onchain problem to the exchange’s replenishment effort.

Liquidity pressure has eased from the initial peak. Binance’s 24-hour net outflows fell to approximately $3.29 billion from around $7 billion, a reduction of roughly 53%.

For most users, the immediate consequence is asset-specific withdrawal access starting at 04:00 UTC on Nov. 5. The remaining 2% and the expanded reserves proof are both still pending — in this desk’s judgment, the latest update marks a phased return rather than a closed chapter.