Binance starts resuming withdrawals in phases, including for bitcoin and ether, after covering 95% of the $6.3B in tokens stolen in the hack by TraderTraitor
Context & Ripple Effects
Between October 30 and November 1, Binance said it had reserved more than $6.34 billion of company funds for the fallout from the theft and later reported that 90% of losses had been covered. The phased reopening turns that balance-sheet commitment into an operational test: customers must be able to move assets, not merely see reserves reported.
Binance also updated its proof-of-reserves addresses and said withdrawals would be processed from newly generated wallets. That makes the recovery process a test of both asset coverage and the exchange’s ability to route withdrawals safely at scale.
First-order effects
- BTC and ETH holders are among the first Binance customers regaining withdrawal access as the exchange reopens networks in stages.
- Binance must process renewed customer exits through newly generated wallet addresses while maintaining service across the restored networks.
Second-order effects
- The reported $3.64 billion in net outflows over 9.5 hours after withdrawals were restored makes withdrawal throughput and liquidity management the immediate measure of Binance’s recovery, alongside its stated asset coverage.
- Customers whose assets or networks have not yet been restored remain dependent on Binance’s phased schedule, concentrating near-term attention on which routes reopen next.
Third-order effects
- A large exchange hack recovery is becoming a two-part credibility test: disclosed reserves must be matched by orderly, observable customer withdrawals.
- If this pattern holds, proof-of-reserves disclosures will carry more weight when paired with transparent operational evidence that users can redeem assets during stress.
The trend: Crypto-exchange resilience is shifting from reserve claims alone toward verifiable asset coverage plus controlled, live withdrawal access after security incidents.
Related: Binance · BTC · ETH · Binance sets aside funds for hack losses · Binance reports 90% of hack losses covered
Related Coverage
- Binance sees outflows stabilising as exchange returns online after $6.3 billion heist Reuters
- Binance users withdraw billions after record crypto hack BBC · Osmond Chia
- Binance's Staged Withdrawal Reopening Is the Only Flow Mechanism Live Before the Open Bitcoin Insider
- Binance withdrawals resume following $6 billion hack CNN · Auzinea Bacon
- Binance resumes withdrawals following $6.3 billion breach TechCrunch · Anthony Ha
- Binance restarts withdrawals after $6.3bn heist Al Jazeera
- Binance Resumes Withdrawals After Suffering Biggest-Ever Crypto Hack Wall Street Journal · Joshua Jamerson
- Binance Says It Has Replaced 90% of $6,300,000,000 Stolen in Record Crypto Hack The Daily Hodl
- Binance resumes withdrawals for some major cryptocurrencies after $6 billion heist CBS News
- Security Incident | Recovery Update #4: Withdrawals Resume in Phases (2026-11-01) Binance Support
- Binance reopens USDT, USDC, ETH, BNB withdrawals as President Trump weighs in crypto.news · Olivia Stephanie
- Binance resumes withdrawals after $6.34 billion crypto hack Agence France-Presse
- Binance Starts Withdrawal Recovery as FBI Blames North Korea for $6B+ Hack CryptoPotato · Jordan Lyanchev
- “8 Trillion Won Stolen in Just 20 Minutes”... FBI Names the Culprit The Asia Business Daily · Koo Nari
- Binance says phase one of withdrawals opens after $6.3B hack Cointelegraph · Michael Millard
- Binance recovers 90 percent of stolen assets from hack The Hill · Suryatapa Chakraborty
- Binance resumes withdrawals following $6.3 billion hack, says 90% of stolen user assets are covered CNBC · Michael Wayland
- Binance says it has covered 90% of its hack losses, having set aside $6.34B+ of company funds; the remaining 10% is in less liquid tokens Reuters · Angela Christy
- FBI Blames North Korea for $6B Binance Hack as Recovery Hits 95% The Cyber Express · Samiksha Jain
- Inside TraderTraitor: North Korea's shadowy hacking group behind $6.3 billion crypto heist Ynetnews
- Binance resumes withdrawals after billions stolen in hack Euronews · Angela Barnes
- ‘Binance will absorb the impact, not users’: Crypto exchange sets aside $6.34 billion to cover hack losses Times of India · Shivanghi Payal
- Binance Has Shed $16B Since The Hack as Its Proof Lands Tuesday Bitcoin News · Shiraz Jagati
- Binance Reopens Withdrawals as FBI Pins $6.3 Billion Hack on North Korea's TraderTraitor QUE.com
- Binance Resumes Phased Bitcoin and Crypto Withdrawals After Record $6,360,000,000 Hack The Daily Hodl
- FBI blames N. Korea's TraderTraitor for Binance theft, urges crypto industry to block transactions The Record · Jonathan Greig
- You've stolen $6.3 billion in cryptocurrency. Now what? RTÉ · Stephen Treacy
- Binance Update: Waiting on a Zero-Knowledge Proof Feld Thoughts
- FBI Blames North Korea for $6B Binance Hack as Exchange Reopens Withdrawals Decrypt
- Binance Reopens Withdrawals as Hack Recovery Enters Second Week Bitcoin Magazine · Micah Zimmerman
- Binance Outflows and ETF Selling Weigh In On BTC Bitcoinist.com
- Binance sees spike in withdrawals as exchange returns online after US$6.3 billion hack Reuters
- Binance says net outflows were ~$3.64B, or 2.1% of assets, in the 9.5 hours after it began restoring withdrawals; DefiLlama puts 24-hour net outflows at $4.05B The Block · Zack Abrams
- FBI pins $6.3 billion Binance crypto heist on North Korea while scammers circle anxious users Help Net Security · Sinisa Markovic
Discussion
-
@binance
@binance
on x
Security Incident | Recovery Update #4: Withdrawals Resume in Phases (2026-11-01)
-
@binance
@binance
on x
Security Incident | Update #3: 90% of Stolen Assets Replenished; Proof of Reserves Snapshot Provided
-
@binance
@binance
on x
Update: First batch network now opened in phase one of withdrawals is $BTC bitcoin network
-
@binance
@binance
on x
Withdrawal Update Withdrawals have now been restored for the following assets and networks: - Ethereum Network: USDC, USDT, ETH - BNB Smart Chain (BSC): USDC, USDT, BNB We will continue to restore additional assets and networks in phases following the completion of our security c…
-
@binance
@binance
on x
As part of our ongoing security response, we have updated our list of Proof of Reserves addresses to include newly generated wallet addresses. Going forward, all withdrawals will be processed from these new wallet addresses. https://www.binance.com/...
-
@heyibinance
Yi He
on x
Things are currently running fairly smoothly. If there are many withdrawal requests, congestion cannot be ruled out, after which it will smooth out again. Before withdrawing, please carefully check the address and confirm the security of any new device and environment. Safety fir…
-
@cryptobaddiee1
@cryptobaddiee1
on x
Tried p2p and it worked That's how you do it ... kudos cz [image] [embedded post]
-
@rhorider
@rhorider
on x
You can see when they turned on the wash trade / liquidity bots to keep prices propped up ~10 minutes before reactivating withdrawals [image] [embedded post]
-
@oxtammy_
@oxtammy_
on x
Alright thanks for playing...it's now my keys and my money thanks binance 💪 [image] [embedded post]
-
@draxen_web3
@draxen_web3
on x
Every crisis reveals what a company is really made of And @binance has given us another reason …
-
@cryptogorilla
@cryptogorilla
on x
Hey @binance, what about $PEPE? Did you buy back $40m yet? [image] [embedded post]
-
@i_am_vickyd
@i_am_vickyd
on x
Happy new month everyone....🤞 Binance withdrawal is open and live... I tried a test withdrawal of $210 and it worked... What I was suprised is the fee on bitcoin network is actually $1.5 approximately 0.00002btc which normal used to zcost about $5 ish.. Bitcoin is now on the bloc…
-
@_richardteng
Richard Teng
on x
Today, we're beginning the phased resumption of withdrawals, taking a careful approach to ensure services return safely and securely. We've now replenished approximately 95% of the impacted assets, and our commitment remains clear: Binance will absorb the financial impact of the …
-
@heyibinance
Yi He
on x
Binance is preparing to resume phase one of withdrawals on 2026-11-01 between 06:00 and 09:00 (UTC). The first batch open for withdrawal covers 15 currencies across the 15 networks shown in the chart. Wallets for other currencies are still undergoing repeated security audits and …
-
@binance
@binance
on x
Update: We have already covered $6B of the impacted amount of the hacked loss. [embedded post]