Binance has begun restoring withdrawals after a major security breach detected on October 29-30 that resulted in the loss of approximately $6.3 billion in digital assets from its hot wallets. The incident represents the largest exchange hack on record.
The exchange announced a phased resumption of withdrawals on November 1, 2026, with the first phase launching between 06:00 and 09:00 UTC that day. Bitcoin withdrawals reopened alongside 14 other networks, totaling 15 networks in this initial batch. Binance selected the order based on recent user demand data, prioritizing networks users were most eager to withdraw from.
Deposits remained open throughout the suspension period, with only withdrawals frozen immediately after the breach was detected. Additional security checks will precede later phases of the reopening.
User Balances and Recovery
Binance stated that users suffered no financial losses from the breach, as the exchange replenished approximately 90-95% of stolen assets using company funds and its Secure Asset Fund for Users reserve. The exchange is absorbing the financial impact rather than passing losses to customers.
Around $3 billion of the stolen assets were frozen by partner exchanges following the hack. Binance scheduled a comprehensive proof-of-reserves update for November 2, 2026, to demonstrate that it holds the assets it owes customers.
Attribution and Investigation
The attack affected multiple blockchains, with Ethereum and Bitcoin experiencing the heaviest losses. Blockchain analytics firms and the FBI have linked the breach to TraderTraitor, a group connected to North Korea. This attribution has prompted extensive audits and security reviews within Binance.
The multi-chain nature of the theft explains the phased reopening approach, as each network involved requires its own security review before withdrawals can safely resume.
