Binance reopens withdrawals with Bitcoin network first after $6.3 billion hack

what happened

Binance is restoring withdrawals following a large security breach, starting with the Bitcoin network and 14 other networks, 15 in total during the first phase. The exchange said it set the order based on recent user demand, so the most sought-after networks came first. Phase one went live between 06:00 and 09:00 UTC on November 1, 2026. Later phases will follow only after further security checks. Deposits remained open throughout, while withdrawals were halted as soon as the breach was detected.

According to Binance, about $6.3 billion in digital assets was taken from its hot wallets, making it the largest exchange hack on record. The exchange said it has replenished roughly 90-95% of the stolen assets with company funds, including its Secure Asset Fund for Users, and that users suffered no financial losses. Around $3 billion was frozen by partner exchanges. Several blockchains were affected, with Ethereum and Bitcoin the most heavily hit. Blockchain analytics firms and the FBI have linked the attack to TraderTraitor, a group connected to North Korea.

why it matters

The key question for markets is whether the full reimbursement claim holds up. Binance has scheduled a comprehensive proof-of-reserves update for November 2, 2026, which will be the first real test. A clean report would support the exchange's position, while any gap would raise harder questions. The attribution to a North Korea-linked group also keeps attention on state-linked hacking targeting crypto platforms.

market impact

Bitcoin and Ethereum: confidence in the largest exchange and the fate of frozen funds shape crypto market sentiment

• ↔Bitcoin mixed — confidence in the largest exchange is weighed against the reopening of withdrawals
• ↔Ethereum mixed — Ethereum was among the most heavily hit networks, and the fate of frozen funds shapes sentiment

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