Binance restores USDC, USDT, ETH, and BNB withdrawals after hot wallet breach
Binance has reopened withdrawals for USDC, USDT, and ETH on Ethereum. It has also reopened USDC, USDT, and BNB withdrawals on BNB Smart Chain.The restoration landed on November 1, 2026. It is part of a staged recovery after a security incident on October 29, when approximately $6.3 billion was drained from Binance hot wallets across multiple blockchain networks.The reopening did not happen all at once. Bitcoin withdrawals came first, earlier on November 1.Ethereum and BNB Smart Chain followed. The two networks carry the three assets most users actually move: the two dominant stablecoins plus each chain's native token.In total, the phased rollout expanded to 15 networks, including Ethereum and BSC.Binance warned users that they may hit temporary delays while traffic stays high during the first wave of withdrawals.Deposits were never switched off during the incident. Funds could flow in throughout. Only the exit door was locked.The exchange reported setting aside more than $6.34 billion in corporate funds to back user balances. That figure edges past the approximately $6.3 billion taken in the breach.By the November 1 resumption date, Binance had reached roughly 95% replenishment of the affected assets.Binance also points to its updated Proof of Reserves. According to that update, listed balances in major assets including BTC, ETH, and USDC are 100% backed.There is also a recovery effort running in parallel. Binance and its partners have frozen or located around $3 billion worth of the stolen assets.After the October 29 breach, Binance suspended all withdrawals. The company used the pause to run security audits and refill the drained assets.Hot wallets are the part of an exchange connected to the internet. They hold the funds needed to process day-to-day withdrawals quickly.The attack hit hot wallets across multiple blockchain networks, not just one. That helps explain why the reopening has been staggered by chain rather than flipped back on with a single switch.Binance has said it is preparing a detailed post-incident report. The report is expected to lay out the impact of the breach and how the exchange responded.Further phases of the withdrawal recovery are not on a fixed timetable. Binance says they will depend on additional security assessments and on user demand.For anyone holding stablecoins or ETH on Binance, the practical news is straightforward. The most commonly withdrawn assets on the two busiest supported networks can move again, subject to possible delays.Covering a loss of this size from corporate funds is a statement of financial capacity. It tells users the exchange absorbed the hit rather than passing it on to balances.There are a few things worth tracking from here. First is whether the remaining networks reopen smoothly or hit further pauses. Second is whether withdrawal delays ease as the initial rush fades. Third is how much of the roughly $3 billion that has been frozen or located is ultimately recovered.