Binance plans phased withdrawals after covering 95% of stolen assets

Binance said it would restart customer withdrawals in phases on November 1, after reporting that it had covered about 95% of the roughly $6.3 billion in digital assets stolen in a security breach. The company said the first phase was scheduled to run from 0600 to 0900 GMT, while some less-liquid tokens would take longer to source. The exchange said it had covered the affected assets by buying replacement tokens with company resources. It has said it will absorb the financial impact rather than pass the losses to customers. Binance’s update put the remaining portion at about 5%, consisting largely of assets that are less liquid and may take longer to obtain in the required amounts. The initial withdrawal phase was set to cover 15 blockchain networks. Binance’s recovery update listed Bitcoin, Ethereum, BNB, Solana, XRP, Dogecoin, Tron, Zcash, TON, Polygon, Avalanche, Arbitrum, Base and Sui, along with supported stablecoins including USDT and USDC. The company said other cryptocurrency wallets were undergoing security checks and did not give a firm timeline for restoring every asset and network. Binance said deposits remained open during the withdrawal suspension. It cautioned...