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.

How Binance Is Restoring Withdrawals After the Hack

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.

Latest Withdrawal UpdateWithdrawals have now been re-enabled for the following networks and assets:New:✅ MATIC (Polygon): POL, USDT, USDC✅ AVAXC: AVAX, USDT, USDCAlready 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

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.

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.

How Did the Binance Hack Unfold and Shake the Market?

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 theft now ranks as the largest in crypto history, far above the roughly $1.5 billion Bybit hack in 2025.

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.

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 reacted quickly. Bitcoin fell more than 3% and briefly touched a six-week low near $76,000, while Ethereum and BNB also declined.

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.