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Binance began restoring cryptocurrency withdrawals on November 1, 2026, three days after attackers drained $6.3 billion from the exchange’s hot wallets. The exchange stated it has covered approximately 95% of the stolen funds using its own reserves, with Bitcoin serving as the first network to reopen for transfers.
Phased Withdrawal Rollout
The restoration of withdrawal capabilities is proceeding through a phased rollout, reopening transfers network by network rather than all at once. This approach allows the exchange to conduct security checks before each asset class goes live. Binance shared updates on November 1 detailing the specific networks and assets that have been re-enabled.
Among the newly enabled networks are MATIC (Polygon) for POL, USDT, and USDC, as well as AVAXC for AVAX, USDT, and USDC. Networks that were already enabled prior to the latest update include BTC for Bitcoin, ETH for Ethereum, USDT, and USDC, BSC for BNB, USDT, and USDC, XRP for XRP, and Base for ETH and USDC.
Additional assets and networks are expected to open progressively as remaining security checks are completed. The exchange noted that users may experience temporary delays due to high transaction volume during the restoration process. Deposits remained available throughout the incident, and Binance stated that user funds remain safe.
The exchange set aside more than $6.34 billion to address the theft. According to Binance, the remaining gap in coverage involves less liquid tokens that the company is still purchasing to fully offset the losses.
Attack Details and Market Reaction
The breach began on October 29, 2026. Attackers drained approximately $6.3 billion from Binance hot wallets across multiple blockchains in under four hours. Most of the funds left the wallets within roughly 20 minutes of the initial breach. The theft ranks as the largest in cryptocurrency history, significantly exceeding the roughly $1.5 billion Bybit hack in 2025.
The FBI attributed the hack to North Korea’s TraderTraitor group on October 31, 2026. The FBI Cyber Branch stated that North Korea was responsible for the theft of more than $6 billion in virtual assets from Binance. The agency urged the industry to block related addresses. Partners froze an estimated $2.7 billion to $3 billion in funds following the incident.
Markets reacted quickly to the news of the hack. Bitcoin fell more than 3% and briefly touched a six-week low near $76,000. Ethereum and BNB prices also declined following the breach. Leveraged traders faced significant losses, with liquidations topping $628 million in one hour, mostly from long positions, according to CoinGlass data.
Frequently Asked Questions
When did Binance resume withdrawals?
Binance began restoring withdrawals on November 1, 2026, with Bitcoin being the first network to reopen as part of a phased rollout.
How much of the hack losses has Binance covered?
Binance stated it has covered about 95% of the stolen funds from its own reserves, having set aside more than $6.34 billion.
