Binance Begins Phased Withdrawal Rollout After Covering 95% of $6.3B Theft
The cryptocurrency exchange reopened transfers for major networks after federal authorities attributed the record October 29 cyberattack to North Korea.
Binance has begun restoring customer withdrawals in stages after replacing approximately 95% of the assets lost in a $6.3 billion exploit, exchange leadership announced on November 1, 2026. The phased restoration follows what security researchers and law enforcement describe as the largest cryptocurrency heist on record.
According to reporting and aggregated primary statements compiled by Techmeme (https://www.techmeme.com/261101/p5#a261101p5), the intrusion occurred on or about October 29, 2026. The Federal Bureau of Investigation formally attributed the theft to TraderTraitor, an elite state-sponsored cyber division operating on behalf of the Democratic People's Republic of Korea. Analysis from blockchain analytics firm Elliptic indicated that nearly the entire $6.3 billion sum was siphoned within the first 30 minutes of the compromise, with Chainalysis detecting novel automated laundering configurations immediately afterward.
Binance chief executive Richard Teng confirmed that the exchange is utilizing corporate reserves to insulate depositors, stating that company funds have already replaced more than $6 billion of the stolen balance. While initial reports cited a 90% replenishment mark, Teng updated that figure to roughly 95%, committing that account holders will not bear any direct financial shortfall. The remaining 5% balance comprises less liquid digital tokens currently being addressed.
The first phase of withdrawal resumptions went live between 06:00 and 09:00 UTC on November 1. Operations reopened across select networks, starting with the native Bitcoin blockchain followed by Ethereum (ETH, USDC, and USDT) and the BNB Smart Chain (BNB, USDC, and USDT). Co-founder Yi He said that wallets across remaining networks are undergoing recurring perimeter audits and security verifications before access is broadened.
To prevent interaction with potentially compromised infrastructure, Binance updated its Proof of Reserves framework with newly generated wallet addresses, routing all current and future outbound disbursements exclusively through the refreshed architecture. Exchange administrators cautioned users to expect potential network congestion during the initial waves of outgoing activity while technical teams continue sequential clearance checks.
Sources
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