Binance Reopens Withdrawals After Record $6.3B Hack

Binance has started letting customers move their money again. On November 1, 2026, three days after a record $6.3 billion hack, the exchange began restoring withdrawals in phases, starting with Bitcoin. Binance says company funds, including its SAFU emergency fund, now cover about 95 percent of the loss. Customers reacted fast, and the exchange reported about $3.64 billion in net outflows as withdrawals resumed. Binance Reopens Withdrawals at a delicate moment for trust in crypto, and the story is still moving. This guide explains what happened, what the numbers mean, and what comes next in plain language. Security teams who want to understand how companies recover from attacks often study for a Certified Cybersecurity Expert credential. This article is information, not financial or legal advice. Facts are current as of November 2, 2026, and may change.

What Happened When Binance Reopened Withdrawals?

Here is the short version, based on Binance's official updates and reports from Reuters, CNBC, CNN, The Guardian, and other outlets.

• Reopening date: Binance began restoring withdrawals on Sunday, November 1, 2026.

• First network: Bitcoin opened first, in the early morning UTC hours.

• Method: A phased rollout, not a single switch.

• Deposits: Binance said deposit services stayed open and were not affected.

• Loss covered: About 95 percent of the impacted amount, up from about 90 percent the day before.

• Net outflows: About $3.64 billion after roughly nine and a half hours.

A Quick Timeline

How Is Binance Restoring Services in Phases?

A phased reopening means services return step by step. Binance said it would restore withdrawals progressively as it completes security and readiness checks, guided by demand and by the state of each network. Learners who explore Cryptocurrency Certifications study why each blockchain network has its own risks, which explains why exchanges often reopen them one at a time.

Phase One

Binance said the first phase would open between 06:00 and 09:00 GMT on November 1. Reports say the first phase covered 15 blockchain networks, with Bitcoin first, followed by Ethereum and major stablecoins and then other assets. Binance said it would post further updates on its official X account.

Why Phase Instead of Flip a Switch?

There are three practical reasons:

1. Safety: Each network and wallet needs checking before funds move.

2. Liquidity: Opening everything at once could create a rush that strains reserves.

3. Control: If something looks wrong, Binance can pause one network without stopping everything.

What Does "95 Percent Covered" Mean?

This phrase is easy to misread. Covered does not mean the stolen funds came back. It means Binance used its own money to rebuy or replace assets so customer balances stay backed.

Where the Money Is Coming From

Binance says it will absorb the losses through its Secure Asset Fund for Users, known as SAFU, and its corporate treasury. In its second recovery update, it said it had set aside more than $6.34 billion. Its message was that users would not bear the loss.

Why Not 100 Percent Yet?

The remaining 5 percent mostly involves less liquid tokens, which are harder to buy quickly without moving prices. Binance said it is still buying them. Treat the 95 percent figure as a progress report, since Binance's own figures have risen with each update.

What Do the $3.64 Billion Net Outflows Tell Us?

After withdrawals reopened, customers moved a lot of money in a short time. Here is how the number works.

Net outflow means withdrawals minus deposits. The $171 billion comes from Binance's latest proof-of-reserves data as of late October. The figures cover roughly 06:00 to 15:30 UTC on November 1.

How to Read the Reaction

The headline looks large, but the share is small. About 98 percent of assets stayed, as founder Changpeng Zhao pointed out on X, and he said most outflows happened in the first couple of hours. Binance also said withdrawals spiked at first and then slowed as expected.

Independent tracking gives a different number for a different period. DefiLlama showed about $4.05 billion in net outflows over a 24-hour window at one point on November 1. The two figures measure different time frames and should not be treated as the same thing.

What Outflows Mean for Trust

In finance, a rush to withdraw is sometimes called a bank run. This event looks more like a confidence test that Binance passed on liquidity so far. Still, users who left may not return soon, and trust may take months to rebuild.

Making sense of reserve reports, wallet movements, and exchange flows takes broad technical knowledge. A Tech Certification path can help learners build the foundation to read data like this with confidence, from wallets and smart contracts to security tools and analytics.

How Does Proof of Reserves Work?

Proof of reserves is a report that tries to show an exchange holds enough assets to match what it owes customers. The exchange publishes the wallet addresses it controls and a summary of customer balances, and outside experts can check that the totals line up. The $171 billion figure used above comes from such a report published before the hack. Binance planned an updated report after the incident. A fresh report matters because it shows whether the balance sheet still matches customer claims after the theft and the outflows. Experts also remind readers that these reports are snapshots, so they help most when published often and reviewed independently.

How Does This Recovery Compare With Past Exchange Crises?

Many people remember exchange failures where customers lost money or waited years for partial repayment. The FTX collapse in 2022 is the best-known example, and it left customers locked out of their accounts. The Binance case differs in an important way so far. The exchange kept deposits open, promised that users would not bear the loss, reopened withdrawals within days, and reported that most customers stayed.

That does not make the situation risk-free. A promise to cover losses is only as strong as the funds behind it, and the final numbers are not yet in. Readers should judge the recovery by evidence, such as audited reserves, completed coverage, and a full technical report.

What Have Investigators Learned About the Attack?

Binance first said the incident may involve a compromised laptop that belonged to a DevOps engineer. Later, it said its investigation had found additional points of breach beyond that laptop and did not disclose details. So the early explanation was incomplete.

Other Details Reported So Far

• A start with XRP: One outlet reported that the attack began with about $296 million in XRP after roughly 36 hours of preparation. Treat this as unconfirmed.

• More freezes: Ripple froze stolen RLUSD, a stablecoin it controls, according to reports.

• Attacker holdings: Investigators reportedly traced large Ethereum holdings controlled by the attacker, which raises concern about future movement.

• Law enforcement: The U.S. Secret Service is investigating, according to reports.

• Suspects: Researchers have pointed to a North Korean hacking group, though no government has issued a formal finding for this case.

What Has Binance Said Officially?

Binance has issued numbered security incident recovery updates. In summary:

• Update two (October 31): It set aside more than $6.34 billion, listed four priorities, and targeted a first withdrawal reopening within about 34 hours.

• Four priorities: Restore withdrawals in phases, verify customer reserves, recover frozen assets, and publish a technical report on the attack.

• Commitment to users: Binance said it would absorb the financial impact, not its users.

• Update four (November 1): It reopened withdrawals in phases, said 95 percent was covered, and noted that deposits were unaffected.

You can read two of the official posts here: Binance's recovery update on withdrawals resuming in phases and Binance's November 1 post on Binance Square. Binance has also promised a detailed technical post-mortem.

What Does This Mean for Users?

If you hold funds on Binance, these steps can help.

• Use official channels only. Scam messages spike after big incidents.

• Check the network before you withdraw. Not every asset or network reopened at once.

• Verify every address. Mistakes are permanent on a blockchain.

• Avoid panic moves. Rushing can lead to errors and fraud.

• Watch the proof of reserves. Binance planned an updated report, and independent experts will likely review it.

• Spread risk. Do not keep all funds in one place, and learn self-custody carefully before you try it.

• Keep records of your balances and transactions.

What Does It Mean for the Crypto Market?

The hack hit prices and leverage. Bitcoin dropped below $77,000 in the first selloff. Coinpaper reported that liquidations reached about $1.53 billion at one point, and that BNB lost 8 percent. The reopening has helped calm nerves, but a record breach leaves lasting questions.

Regulators and rival exchanges are watching. Expect more pressure for stronger access controls, faster incident reporting, and clearer proof-of-reserves practices. Expect rivals to promote their own security upgrades.

What Lessons Come From the Recovery Phase?

• Reserves and liquidity matter. Binance could absorb heavy withdrawals because it held large assets and prepared funds in advance.

• Phase reopenings reduce risk. Opening networks one at a time limits the damage if a new problem appears.

• Frequent, numbered updates help. Clear milestones let customers track progress.

• Say what you know and what you do not. Early statements that changed over time show how hard crisis messaging is.

• Separate covered from recovered. Precise words build trust.

What Could Still Go Wrong?

Several risks remain. Attackers may still hold or move large amounts of stolen assets. A newly found weakness could force Binance to pause a network again. Heavy withdrawals could return if fresh news shakes confidence. Scammers will keep posing as support staff. Regulators may also take action that affects how Binance operates in some countries. None of these outcomes is certain, but each is worth watching.

What Should You Watch Next?

• The updated proof-of-reserves report and expert reviews.

• Completion of the remaining 5 percent coverage.

• Binance's technical post-mortem and details on the additional breach points.

• Any official attribution and legal action.

• Whether outflows continue or reverse.

• New freezes or recoveries of stolen assets.

Why Skills and Smart Hiring Matter in Crypto

The cryptocurrency industry requires professionals with knowledge of digital assets, blockchain infrastructure, security, and market operations. As organisations recruit for these roles, assessing relevant skills can help them make better-informed hiring decisions. HireValid can be explored by employers seeking a more structured approach to candidate evaluation.

Conclusion

Binance Reopens Withdrawals after the largest crypto hack on record, and early signs show the exchange held up under pressure. It reopened Bitcoin first, expanded in phases, and said company funds now cover about 95 percent of the loss. About $3.64 billion left on a net basis, which is roughly 2.1 percent of reported assets, while most customers stayed. Important questions remain about the full attack path, the final recovery, and long-term trust.

The best approach for readers is calm and careful. Follow official updates, check numbers from several reliable sources, and protect your accounts from scams. For companies, the case is a lesson in preparation, honesty, and steady communication.

Communication is a skill that reaches beyond security teams. Marketing and brand professionals help customers understand what is known, what is still uncertain, and what comes next. A recognised Marketing Certification can help professionals plan clear crisis messaging and rebuild trust after a shock. When strong security meets honest communication, companies can recover with credibility.

FAQs

1. What Happened in the $6.3 Billion Binance Hack?

Binance suffered a major security breach on October 29, 2026, involving unauthorized withdrawals from its hot wallets. The exchange reported losses of approximately $6.3 billion in cryptocurrency assets, making it one of the largest reported crypto thefts. Binance temporarily suspended withdrawals while investigating the incident and securing its infrastructure.

2. Has Binance Reopened Withdrawals After the Hack?

Yes. Binance began restoring cryptocurrency withdrawals in phases on November 1, 2026. The initial rollout covered Bitcoin, Ethereum, BNB, Solana, XRP, and assets across several other blockchain networks. Additional assets and networks are being restored as security checks are completed.

3. How Much Cryptocurrency Was Stolen From Binance?

Binance estimated that approximately $6.3 billion worth of cryptocurrency was stolen during the incident. The affected assets included Bitcoin, Ethereum, USDT, USDC, XRP, Solana, and other digital tokens across multiple blockchain networks.

4. Why Did Binance Temporarily Suspend Withdrawals?

Binance suspended withdrawals as a precaution to prevent further unauthorized transactions and investigate the compromised infrastructure. The exchange also needed to review affected systems, strengthen security controls, and verify that withdrawal services could safely resume.

5. How Did Hackers Gain Access to Binance's Systems?

Binance's initial investigation suggested that a compromised employee laptop may have provided an entry point. Subsequent investigations identified additional breach points. Reports also described the exploitation of Ethereum's EIP-7702 account-delegation feature and weaknesses in transaction approval procedures. Binance has not yet published its complete technical post-incident report.

6. Who Is Responsible for the Binance $6.3 Billion Hack?

The FBI attributed the attack to TraderTraitor, a North Korean state-sponsored cyber group. Blockchain intelligence firms have also linked the incident to the group based on similarities with previous cryptocurrency thefts. The investigation and efforts to trace the stolen assets remain ongoing.

7. Are Binance Customer Funds Safe After the Security Breach?

Binance has stated that it will absorb the financial impact of the stolen assets rather than pass the losses on to customers. The exchange also announced that it had replaced approximately 95% of the affected assets by November 1. Users should independently check their account balances and official Proof of Reserves information.

8. How Much of the Stolen Cryptocurrency Has Binance Recovered or Replaced?

Binance reported that approximately 95% of the affected amount had been covered by November 1. This includes assets sourced through company funds and purchases through market and over-the-counter channels. Covering or replacing stolen assets is different from recovering the original stolen cryptocurrency.

9. How Much of the Stolen Cryptocurrency Has Been Frozen?

Binance reported that approximately $3 billion in affected assets had been frozen on-chain by October 30. The exchange worked with law enforcement, blockchain intelligence firms, token issuers, and industry partners to trace and restrict the movement of stolen funds.

10. Which Cryptocurrencies Are Available for Withdrawal Again?

The initial withdrawal phase included several major cryptocurrencies and networks:

• Bitcoin (BTC)

• Ethereum (ETH)

• BNB

• Solana (SOL)

• XRP

• Dogecoin (DOGE)

• USDT and USDC on selected networks

• Polygon, Arbitrum, Base, Optimism, Avalanche, and other supported networks

Availability varies by asset and blockchain network. Users should check Binance's withdrawal page for the latest status before initiating a transaction.

11. Why Is Binance Restoring Withdrawals in Phases?

A phased restoration allows Binance to examine each blockchain network and asset before reopening its withdrawal services. This approach helps the exchange validate system integrity, monitor transaction activity, and reduce the possibility of another security incident.

12. Will Binance Users Experience Withdrawal Delays?

Some users may experience temporary delays because of increased transaction volumes and the phased restoration process. Binance has advised users to check network availability and retry after a short period if an eligible withdrawal does not go through.

13. What Is Binance's SAFU Fund?

The Secure Asset Fund for Users (SAFU) is Binance's emergency protection fund designed to help safeguard users during certain unexpected incidents. Binance said it would use SAFU resources alongside corporate funds to cover the financial impact of the $6.3 billion security breach.

14. What Is Proof of Reserves, and Why Does It Matter After the Hack?

Proof of Reserves (PoR) is a verification mechanism intended to provide information about an exchange's cryptocurrency holdings and customer asset liabilities. Following the incident, Binance committed to publishing an updated Proof of Reserves snapshot so users could examine its reported asset backing. PoR should not automatically be treated as a complete audit of an exchange's financial health or security.

15. Did the Hack Affect Binance Deposits?

Binance stated that deposits remained operational during the withdrawal suspension. Its security updates distinguished between the temporary withdrawal restrictions and unaffected platform services. Users should still check the status of individual networks before making deposits.

16. How Did the Binance Hack Affect the Cryptocurrency Market?

The incident increased concerns about exchange security and cryptocurrency custody. Following the reopening of withdrawals, Binance reported approximately $3.64 billion in net outflows during the first nine and a half hours. Market participants also monitored Bitcoin, Ethereum, stablecoin movements, and broader cryptocurrency market sentiment.

17. What Security Measures Is Binance Taking After the Hack?

Binance has reported several response measures, including:

• Containing compromised infrastructure.

• Revoking affected authorizations.

• Strengthening withdrawal security checks.

• Reviewing transaction approval procedures.

• Working with blockchain investigators and law enforcement.

• Monitoring affected services during the phased restoration.

The exchange has also committed to publishing a detailed technical post-incident report.

18. Should Binance Users Move Their Cryptocurrency to Personal Wallets?

Users should understand the differences between centralized exchange custody and self-custody. Personal wallets can provide greater control over private keys, but they also require careful key management and protection against phishing, malware, and accidental transfers. There is no universal solution for every investor; custody decisions should consider individual security needs and risk tolerance.

19. What Does the Binance Hack Mean for the Future of Cryptocurrency Exchange Security?

The incident highlights the importance of stronger transaction authorization, employee device security, hot-wallet protection, infrastructure monitoring, and independent security assessments. Cryptocurrency exchanges may face increased pressure to improve transparency, strengthen custody systems, and demonstrate their ability to protect customer assets.

20. Where Can Users Find Official Binance Security and Withdrawal Updates?

Users should rely on Binance's official announcements and support channels for verified information about withdrawal availability, asset recovery, Proof of Reserves, and security improvements.

Useful resources:

• Binance Official Announcements

• Binance Customer Support

• Binance Proof of Reserves