Binance began restoring withdrawals on November 1, three days after a record $6.3 billion hack. Bitcoin was the first network to reopen as part of a controlled rollout.
The exchange said it has already covered about 95% of the stolen funds from its own reserves, with the remaining gap involving less liquid tokens that Binance is still acquiring.
Phased Withdrawal Restoration
Binance deployed a phased withdrawal rollout that reopens transfers network by network instead of all at once. This approach allows the exchange to run security checks before each asset goes live.
Networks and assets restored on November 1 included Bitcoin, Ethereum, Binance Smart Chain, XRP, Base, Polygon, and Avalanche, along with various stablecoins. More assets and networks were set to open progressively after remaining checks. Users may face temporary delays due to high volume, though deposits remained available throughout the incident.
The Theft and Market Impact
The breach began on October 29, with attackers draining approximately $6.3 billion from Binance hot wallets across multiple blockchains in under four hours. Most funds left within roughly 20 minutes, making it the largest theft in crypto history, surpassing the approximately $1.5 billion Bybit hack in 2025.
The FBI attributed the theft to North Korea's TraderTraitor group and urged the industry to block related addresses. Partners froze an estimated $2.7 billion to $3 billion in stolen funds.
Markets reacted sharply to the incident. Bitcoin fell more than 3% and briefly touched a six-week low near $76,000, while Ethereum and BNB also declined. Leveraged traders experienced significant losses, with liquidations topping $628 million in an hour, mostly from long positions.
