Binance Restarts Withdrawals After $6.3 Billion Crypto Breach
Binance resumes phased withdrawals after a $6.3 billion crypto theft, covers 95% of assets, and links North Korea's TraderTraitor to the breach during recovery.
Summary
Binance began restoring withdrawals in phases on Sunday, November 1, 2026, after freezing all deposits and withdrawals when hackers stole $6.3 billion in cryptocurrency from its wallets. The exchange has covered 95% of the stolen assets and is buying the remainder, which is less liquid and harder to source at the required scale. Binance said it will absorb the losses rather than pass them to users.
Availability depends on the network and asset. Bitcoin deposits and withdrawals remained partially suspended on Sunday morning, while Ethereum deposits were normal and withdrawals partially suspended. Binance warned that heavy traffic could cause temporary delays or longer processing times while recovery, security checks and safeguard improvements continue. It will publish a detailed incident report after completing its investigation. Binance blamed North Korean hackers, and on Saturday the FBI identified TraderTraitor as responsible, saying the group was converting assets primarily into Ethereum, with further laundering likely.
Positives
- Binance has covered 95% of the $6.3 billion in stolen cryptocurrency.
- Withdrawals began returning in phases on November 1, 2026, based on network and asset type.
- Binance said it will absorb the theft losses instead of passing them to users.
- Ethereum deposits had returned to normal by Sunday morning, although withdrawals remained partially suspended.
- A detailed incident report will follow after Binance completes its investigation.
Risks & concerns
- Hackers stole $6.3 billion in cryptocurrency from Binance wallets, forcing a complete deposit and withdrawal freeze.
- The remaining 5% involves less liquid assets that take longer to acquire at the required scale.
- Bitcoin deposits and withdrawals remained partially suspended, as did Ethereum withdrawals.
- Traffic volume could cause temporary delays and longer withdrawal processing times.
- The FBI said TraderTraitor was converting assets mainly into Ethereum, with further laundering likely.