Binance Resumes Withdrawals in Phases After Record $6.3 Billion Hack
Binance began restoring withdrawals in phases at 06:00 UTC on November 1, 2026. The first batch covers 15 currencies across 15 networks, while wallets for other currencies are still undergoing security audits. The exchange says 90% of the stolen user assets have been covered.
What happened
The exchange was hit on October 29. It was quickly described as the largest crypto theft on record, with about $6.3 billion in assets affected. For comparison, the previous record, the 2025 Bybit hack, was about $1.5 billion. Binance said the attacker gained access to a compromised laptop belonging to a DevOps engineer and used it to submit unauthorized withdrawals. Reuters reported that analysts blamed North Korea.
Frozen assets and compensation
Binance said it worked with blockchain partners to freeze roughly $3 billion of the affected assets. Tether's chief executive said the company froze about $1.6 billion of USDT, while Circle's chief executive said it froze more than $800 million of USDC. Binance has begun reimbursing users and set aside more than $6.34 billion of its own capital to cover losses.
What's next
Binance had said it would publish an updated Proof of Reserves report by Monday, November 2.
Sources: Binance official updates, CNBC, Reuters, AFP, ABC7 News, Crypto Briefing, ForkLog.
