Binance restores crypto withdrawals after $6.3bn hack, says users will not bear losses
Binance has begun restoring cryptocurrency withdrawals after a $6.3 billion security breach forced the exchange to suspend access to customer funds. The phased reopening started on 1 November 2026, with Bitcoin and other major digital assets among the first to become available. Binance said it had replaced approximately 95% of the affected assets and would absorb the financial losses rather than pass them on to customers.
The security incident occurred on 29 October and involved the theft of digital assets from Binance wallets. The exchange temporarily suspended deposits and withdrawals while investigating the breach and assessing its security systems. Binance subsequently began restoring services across selected blockchain networks, including Bitcoin, Ethereum and BNB Chain, with additional assets scheduled for reopening after security and stability checks.
Binance said it processed approximately $4.6 billion in withdrawals and $1 billion in deposits during the initial reopening period, resulting in net outflows of around $3.6 billion. The company described this as approximately 2.1% of its total assets under management. It also warned that high transaction volumes could cause temporary delays as withdrawal services returned.
The US Federal Bureau of Investigation attributed the theft to North Korean cyber actors operating under the name TraderTraitor. Investigators said the attackers had been converting stolen assets primarily into Ether and warned that further laundering could occur through decentralised finance platforms and cryptocurrency exchange services. Binance said its investigation remained ongoing and that it was working with law enforcement and industry partners to trace the stolen funds.
The exchange has continued reopening withdrawals for additional assets and networks. In an update dated 6 November, Binance announced further restorations covering assets on BNB Smart Chain, Ethereum, Base, Optimism and other networks, subject to security checks. The company said deposits remained available and advised customers to check the withdrawal status of individual assets and networks. Binance has also pledged to publish a detailed incident report once its investigation is complete.
