DeFi
Binance Resumes Phased Withdrawals After Covering 95% of $6.3 Billion Hack
Binance restarted withdrawals in phases beginning November 1, 2026, after stating it had covered approximately 95% of the roughly $6.3 billion stolen in the October 29 attack. The exchange said the remaining roughly 5% consists of less-liquid tokens that will take longer to source.
Binance has reserved more than $6.34 billion from its treasury, SAFU fund, and futures insurance fund, affirming that users will not bear the losses. The company reiterated that customer funds remain safe and that it is working with law enforcement and industry partners on the investigation.
Phase one opened between 06:00–09:00 UTC on Sunday for Bitcoin, Ether, BNB, Solana, XRP, Dogecoin, and major stablecoins across select networks. Binance reported processing about $4.65 billion in withdrawals against $1.01 billion in deposits in the initial hours, producing a net outflow of $3.64 billion. That figure represented roughly 2.1% of the exchange’s approximately $171 billion in assets under its proof-of-reserves data. Outflows later stabilized.
The FBI and blockchain analytics firms including TRM Labs, Chainalysis, and Elliptic have attributed the theft to North Korea’s TraderTraitor group. Roughly $3 billion was frozen early through coordinated actions by stablecoin issuers and chain partners. The incident remains the largest cryptocurrency heist by a wide margin, exceeding the 2025 Bybit attack of roughly $1.5 billion.
Binance has said it will continue phased restoration of remaining networks and assets as liquidity and security reviews allow. The recovery of the less-liquid portion of the stolen funds is expected to take longer, while investigations into the compromised engineer’s laptop and related infrastructure continue.
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Binance has drawn down roughly half of its Secure Asset Fund for Users (SAFU), leaving the Bitcoin reserve near 7,500 BTC—approximately $580 million at prevailing prices—according to on-chain data tracked on November 3, 2026. The fund has dropped below the $800 million level that Binance’s own rules identify as the trigger for a top-up.
The drawdown followed the exchange’s response to the late-October security incident in which roughly $6.3 billion in assets were taken from hot wallets. Binance stated it covered the majority of the loss from a combination of SAFU, its Futures Insurance Fund, and corporate treasury, restoring approximately 90–95% of customer balances without external financing. Co-CEO Yi He previously indicated that half of the SAFU Bitcoin would be deployed and that the fund would later be replenished toward the $1 billion level.
No official timeline for the refill has been published. Customer withdrawals, which were phased back online after the incident, have shown large net outflows in the days following reopening, with multiple trackers reporting multi-billion-dollar net withdrawals in the first 24 hours. Binance has also increased rebates for smaller market makers to support liquidity.
The episode underscores both the scale of the exchange’s balance-sheet capacity and the transparency questions that arise when an emergency reserve is substantially reduced during a major incident. Market participants continue to monitor the on-chain SAFU wallet and any subsequent Proof-of-Reserves updates as Binance works through remaining less-liquid assets and the ongoing investigation into the TraderTraitor-attributed attack.
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