• Binance has begun restoring withdrawals in phases after a reported $6.3 billion hack on October 29, with Bitcoin withdrawals reopening first on November 1, followed by USDT, USDC, ETH and BNB on Ethereum and BNB Smart Chain.
  • The exchange says it is checking affected services before reopening more networks, with the next phase planned for Tuesday.
  • Customers withdrew $3.64 billion—about 2.1% of Binance’s assets—as the exchange came back online, according to Reuters.

Phased Restoration

Binance, the world’s largest crypto exchange by daily trading volume, is working to resume withdrawals for additional networks and assets, with the next phase planned for Tuesday. The move comes after a reported $6.3 billion hack on October 29 that forced the exchange to halt withdrawals. Bitcoin withdrawals reopened first on November 1, followed by USDT, USDC, ETH and BNB on Ethereum and BNB Smart Chain. Deposits reportedly remained open throughout.

The exchange said it is checking affected services before reopening more networks, and the process is being carried out in phases to ensure security. “We are working to resume withdrawals for additional networks and assets with the next phase planned for Tuesday,” Binance said in a statement.

Customer Outflows

As the exchange came back online, customers withdrew $3.64 billion—about 2.1% of Binance’s assets—according to Reuters. The outflows illustrate how a major exchange incident can trigger rapid withdrawals, even as Binance moves to restore services. The reported hack, attributed to North Korean-linked hackers by some reports, has not been independently verified in terms of scale or attribution.

For customers, the phased reopening restores access gradually but leaves uncertainty over timing and security. Binance has not provided a specific timeline for full restoration, and the exchange has not commented on the reported attribution. The incident underscores the operational risks facing centralized exchanges and the importance of robust security measures.

Binance did not immediately respond to a request for comment on the reported hack or the withdrawal process. The cited coverage offers no specific regulatory response or expert forecast, so longer-term effects remain uncertain.

Update: This article was updated to clarify that the reported hack and its attribution have not been independently established.