Binance Resumes USDT, USDC, ETH and BNB Withdrawals as Trump Addresses Situation

Binance has restarted withdrawals of USDT, USDC, ETH, and BNB on the Ethereum and BNB Smart Chain networks, allowing customers to make stablecoin transfers after the attack on October 29, which saw the theft of about $6.3 billion (roughly Rs. 59,768.10 crore). According to a Binance announcement on November 1, USDT, USDC, and ETH could be withdrawn from Ethereum. This was after Bitcoin withdrawals on Sunday, when the exchange started to resume its operations after more than three days of limitations.

Binance Continues Phased Withdrawal Reopening as Security Checks Remain Underway

Customers are able to move their stablecoin balances through the supported platforms, although any other withdrawal process is still locked while the security teams verify everything. Bitcoin was the first cryptocurrency Binance opened for customer withdrawal as part of its staged reopening that started on Sunday morning. The exchange had planned for the recovery window to take place from 06:00 to 09:00 UTC, but there were 15 networks scheduled to be recovered. Nevertheless, access to the window would only depend on the security assessment of the network.

There has been no disclosure regarding how many USDT and USDC customers moved out after Binance reopened its platform. The last update from the company only stated that withdrawals were possible, but no amount was revealed. A transfer of any funds from the wallets associated with Binance should be analysed to distinguish customer withdrawals from wallet transfers within the company itself. The exchange can conduct asset transfers from one of its wallets to another. 

However, deposits are still functional during the period, as confirmed by Binance. Thus, customers can still deposit funds into the platform while withdrawals become available progressively. At the moment, there is no indication from the exchange regarding when other networks will resume operations.

Prior to lifting the suspension on stablecoin withdrawals, Binance had already replaced about 95 percent of the assets that were involved in the attack on October 29. Initially, the company stated it covered 80 percent, while on October 31, it claimed it covered 90 percent. Therefore, 5 percent of the affected assets remain to be replaced. 

According to Binance, the BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD, and ZEC accounts have full backing. The rest of the assets comprise mainly illiquid cryptocurrencies, which the company is buying through exchanges and over-the-counter trading desks.

This reopening of the website has come after the US President Donald Trump addressed accusations involving the North Korean hackers behind this attack. According to statements by the President at Mar-a-Lago, Florida, on October 31, he mentioned that his administration is investigating the matter.

“We're looking into it. I'm not worried,” Trump stated, as reported by SBS News on November 1. He further noted that he did not know whether North Korea had anything to do with it but would speak with the country if the involvement was confirmed.