Binance Resumes Crypto Withdrawals After Record Hack, 95% Of Losses Covered
- Binance began restoring withdrawals on November 1, three days after a record $6.3 billion hack.
- Bitcoin was the first network to reopen as part of a controlled rollout.
- Meanwhile, the exchange says it has already covered about 95% of the stolen funds from its own reserves.
- A phased withdrawal rollout reopens transfers network by network instead of all at once.
What Happened
Binance began restoring withdrawals on November 1, three days after a record $6.3 billion hack. Bitcoin was the first network to reopen as part of a controlled rollout.
How Binance Is Restoring Withdrawals After the Hack
How Did the Binance Hack Unfold and Shake the Market?
The theft now ranks as the largest in crypto history, far above the roughly $1.5 billion Bybit hack in 2025.
The post Binance Resumes Crypto Withdrawals After Record Hack, 95% of Losses Covered appeared first on BeInCrypto.
Market Context
More assets and networks will open progressively after the remaining checks. However, users may face temporary delays because of high volume. Deposits, meanwhile, stayed available throughout the incident.
Markets reacted quickly. Bitcoin fell more than 3% and briefly touched a six-week low near $76,000, while Ethereum and BNB also declined.
Why It Matters
Leveraged traders took the hardest hit. Liquidations topped $628 million in an hour, mostly from long positions, according to CoinGlass data. For now, the reopening of withdrawals could help restore confidence.
Details
Meanwhile, the exchange says it has already covered about 95% of the stolen funds from its own reserves.
A phased withdrawal rollout reopens transfers network by network instead of all at once. This approach lets an exchange run security checks before each asset goes live.
Binance shared the rollout in several updates on November 1.
Binance also says user funds remain safe. It set aside more than $6.34 billion and has already covered about 95% of the stolen amount.
The remaining gap involves less liquid tokens that Binance is still buying.
The breach began on October 29. Attackers drained about $6.3 billion from Binance hot wallets across multiple blockchains in under four hours. Most of the funds left within roughly 20 minutes.
The FBI later attributed it to North Korea’s TraderTraitor group.
The agency also urged the industry to block related addresses, while partners froze an estimated $2.7 billion to $3 billion.