BNB gained 1.39% over the past 24 hours to lead major cryptocurrencies, as Binance began a phased reopening of withdrawals on November 1 following the reported $6 billion hack of October 29. In its fourth recovery update, the exchange said it had covered approximately 95% of the affected assets and would absorb the financial impact rather than pass the loss on to users. Binance also stated that balances in its ten listed major assets, including BNB, were fully backed.

Binance: 95% of Affected Assets Covered, Major Balances Fully Backed

In Recovery Update #4, Binance stated: "user funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users."

The exchange said it had covered approximately 95% of the impacted amount, up from 90% in its previous update. The remaining assets are less liquid and will take longer to source at the required scale, according to Binance, leaving approximately 5% of the affected amount still to be covered.

Binance also said that balances in BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC were "fully backed 100%." The statements were provided by the exchange as part of its recovery communication. In this context, a "fully backed" designation is an exchange statement that the reserves it holds for each listed asset match the customer balances on the platform.

Withdrawals Reopen in Phases Across 15 Networks

The first phase of the withdrawal reopening was scheduled for November 1, 2026, between 06:00 and 09:00 UTC, covering 15 networks, including BTC, ETH, BNB Smart Chain (BSC), SOL, XRP and ZEC.

Restoring withdrawals is a key operational step for a centralized exchange after a security incident, because customers need access to their assets. Staged reopenings of this kind are typically used to manage transaction loads as services come back online, and Binance's phased approach came with a warning that users could experience temporary delays or longer processing times due to transaction volumes.

BNB Leads Majors Over 24 Hours, but Weekly Losses Persist

Market data showed BNB trading at $712.50, compared with Bitcoin at $78,363 and Ether at $2,291. Solana lagged behind, falling 0.70% over 24 hours to $94.86 and losing 6.43% over seven days.

The 24-hour gain does not yet indicate a sustained recovery. BNB remained down 3.55% over the week, a larger decline than Bitcoin's 2.07% and Ether's 1.62% losses. The latest advance therefore represents a rebound from a deeper weekly decline rather than clear evidence of a lasting upward trend.

BNB had fallen alongside the broader market after the reported October 29 hack. Its subsequent recovery coincided with the return of withdrawal services, giving traders a new development to assess as they monitored the exchange's financial position.

BNB had a reported market capitalization of $93.7 billion, making it the fourth-largest crypto asset in the figures cited. Solana's market capitalization stood at $56 billion, while Ether's stood at $279.9 billion. BNB's market value was approximately 1.67 times Solana's, although its position in the rankings alone does not establish how the token will perform next.

BNB's Ties to Binance Give the Recovery Added Relevance

BNB is the native asset of BNB Chain and is used across Binance-related products. The exchange's assurance that its BNB balances were fully backed, and that customers would not bear the financial loss, addressed concerns about how the incident could affect the token. That linkage between token utility and platform operations is why an exchange's recovery milestones, such as the return of withdrawals and statements on reserve coverage, are typically watched alongside the token's own market performance.

Remaining Recovery Work Could Shape What Comes Next

Despite the daily advance, BNB's weekly decline highlights the uncertainty surrounding the recovery. The remaining 5% of affected assets may take longer to source because of limited liquidity, according to Binance. The exchange's efforts to acquire those assets could affect market activity, although the available information does not establish the scale of any resulting price impact.

Another factor is whether customers who withdrew funds after the incident will return them to the exchange. Specific net-outflow figures were not provided, leaving the scale of any continuing withdrawals unclear.

Binance said it would publish a post-incident report after its investigation is complete. The exchange described the resumption of withdrawals as a major milestone while acknowledging that recovery work is ongoing. Details in that report, including the attack method and the full scope of the loss, could provide traders with more information to assess the incident.

Until then, BNB's daily outperformance should be considered alongside its weekly losses, the remaining asset-recovery work and the broader market environment.

Source: Blockchain Reporter — reported by Ethan Collins. Originally published by Hokanews.