Cryptoupdated 1h ago2 min read
Binance Resumes Withdrawals After $6.3 Billion Hack, Covers 95% of Stolen Funds
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Binance has covered 95% of the $6.3 billion stolen assets. Withdrawals resumed in a phased manner after a week-long freeze.
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Withdrawals return in phases
Binance resumed withdrawals after a security breach that stole digital assets valued at about $6.3 billion, and the exchange said it would begin a phased resumption of withdrawals “taking a careful approach to ensure services return safely and securely.”
Binance co-CEO Richard Teng said, “Our commitment remains clear: Binance will absorb the financial impact of the stolen funds, not our users,” as the company restarted withdrawals for 15 digital currencies including Bitcoin (BTC), Solana (SOL), and Ethereum (ETH).
Binance reported that it processed around $4.6 billion in withdrawals and $1 billion in deposits by 10:30 a.m. ET, while it continued testing remaining systems and assets.
Binance also said it had covered about 95% of the stolen amount, and it warned that the remaining 5% were “less liquid in the market and take (a) longer time to source at the required scale.”
FBI links theft to North Korea
The FBI said it was releasing information advising the Democratic People's Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026.
The FBI added that it had observed “TraderTraitor actors” converting stolen assets into Ethereum, and it expected those assets to be laundered further using decentralized finance and instant swap services.
Binance said it thanked the FBI for its “strong support during this challenging time,” and the exchange described its response as involving security reviews, work with law enforcement and partners, and monitoring risks after the breach.
President Donald Trump cast doubt on the North Korea involvement, telling reporters, “We don't know if it's North Korea,” while also saying, “I'm not concerned. We're learning about it.”
Outflows stabilize, next steps
Binance reported net outflows of about $3.64 billion, equal to 2.1% of its publicly reported assets under management, as withdrawals stabilized after an initial spike. Binance said it began resuming withdrawals in phases at 06:00 UTC on November 1, and it stated that by 12:36 UTC “withdrawals on all networks and all 15 assets had resumed in the initial phase.”
Binance also said it would continue restoring additional assets and networks in phases as security checks were completed, while warning users to expect “temporary delays or longer processing times due to traffic volume.” Binance said it had worked with other cryptocurrency firms to freeze about $3 billion of the stolen assets, and it said it would publish a more in-depth incident report when its investigation is complete.