Binance Restarts Withdrawals Post $6.3B Hack, Nearly All Losses Recovered

Three days after a record $6.3 billion hack, Binance restarted withdrawals on November 1. Bitcoin was the first network to come back online as part of a phased reopening.

According to the exchange, roughly 95% of what was taken has already been covered from its own funds.

How Binance Is Restoring Withdrawals After the Hack

Rather than reopening everything at once, the exchange is enabling transfers network by network. This phased method allows security checks to be run before each asset becomes available for withdrawal.

On November 1, Binance issued several updates on the progress of the rollout.

Latest Withdrawal Update

Withdrawals have now been re-enabled for the following networks and assets:

New:
✅ MATIC (Polygon): POL, USDT, USDC
✅ AVAXC: AVAX, USDT, USDC

Already Enabled:
✅ BTC: BTC
✅ ETH: ETH, USDT, USDC
✅ BSC: BNB, USDT, USDC
✅ XRP: XRP
✅ Base: ETH, USDC… https://t.co/BszPN41yrl

— Binance (@binance) November 1, 2026

Additional assets and networks will be enabled progressively once the remaining checks are done. However, high transaction volumes may cause temporary delays. Deposits, on the other hand, never stopped during the incident.

Binance has also stated that user funds are safe. The exchange allocated over $6.34 billion and has already covered approximately 95% of the stolen amount.

The remaining shortfall involves tokens with lower liquidity, which Binance is still in the process of buying.

How Did the Binance Hack Unfold and Shake the Market?

The attack started on October 29. Over less than four hours, hackers took roughly $6.3 billion out of Binance hot wallets on multiple blockchains, with most of the funds leaving in about 20 minutes.

This theft is now the biggest in crypto history, surpassing the roughly $1.5 billion Bybit hack from 2025.

The FBI later blamed North Korea's TraderTraitor group for the breach.

The agency called on the industry to block related addresses, while partners froze an estimated $2.7 billion to $3 billion.

The FBI is 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 refers to this specific North… pic.twitter.com/TBUvUFln4n

— FBI Cyber Branch (@FBICyberBranch) October 31, 2026

Markets responded swiftly. Bitcoin dropped more than 3%, briefly hitting a six-week low near $76,000. Ethereum and BNB also saw declines.

Leveraged traders were hit hardest, with liquidations exceeding $628 million within an hour, predominantly from long positions, based on CoinGlass data. The reopening of withdrawals may now help restore confidence.