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    Binance Resumes Phased Withdrawals After 6.34 Billion Hack Attributed to North Korean TraderTraitor Group

    Section editor: ·High19 articles covering this·8 news sources·Updated about 3 hours ago·World
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    Minimalist dark-mode graphic showing 6.34 billion dollars covered for Binance crypto withdrawals post-hack

    What happened

    Binance initiated phased customer withdrawals on November 1, 2026, after committing over $6.34 billion of its own corporate reserves to absorb losses from an October 29 cyberattack attributed by the FBI to North Korea’s TraderTraitor group.

    The Context

    * A historic security breach: Hackers drained $6.34 billion from Binance hot wallets on October 29, triggering an operational freeze across user accounts and swift coordination among stablecoin issuers like Tether, Circle, and Ripple to freeze connected funds. * Rapid capital absorption: Binance tapped balance-sheet reserves to backstop 95% of stolen balances within 72 hours, insulating customer accounts from direct haircuts before reopening exits. * Controlled operational rollout: Phased outbound transfers began at 06:00 UTC with Bitcoin before scaling across 15 networks, handling $4.649 billion in gross withdrawals against $1.01 billion in deposits for a net asset outflow of $3.64 billion (2.1% of total exchange assets).

    The Number

    $6.34 billion

    — the exact sum Binance deployed from internal funds to backstop customer deposits, demonstrating that balance-sheet depth and transparent proof-of-reserves have replaced mere trading volume as the defining metrics of institutional resilience.

    Takeaway

    Expect enterprise crypto desks to enforce stricter hot-wallet limits and mandate verified treasury backstops from centralized counterparties before routing significant liquidity.

    19 Articles
    Bitcoin.com

    Binance Inflows Flip Positive After $7 Billion Post-Hack Exodus

    Binance has seen its net inflows turn positive, with reporting citing about $2.3 billion over 24 hours, after a period of heavy outflows following a security breach that the exchange says affected roughly $6.3 billion in assets, with about $2.54 to $...

    about 9 hours ago
    Read Full Article
    Cointelegraph

    Binance’s net inflows turn positive at $2.3B as withdrawals expand

    Binance reported net inflows of about $2.3 billion over 24 hours, reversing the heavy outflows of the prior day as the exchange restored access to funds following a security breach estimated to have affected roughly $6.3 billion in assets, with about...

    about 19 hours ago
    Read Full Article
    Crypto News

    What can we learn from the Binance hack and recovery?

    Binance has begun restoring access after a hot wallet breach estimated at roughly $6.3 billion in assets, drawing on its own reserves to replace customer losses. Reporting indicates about $2.54 to $3 billion has been frozen as investigators trace the...

    about 20 hours ago
    Read Full Article
    Cointelegraph

    Binance begins second withdrawal phase, exchange outflows slow

    Binance has begun a second phase of withdrawal reopenings, with additional assets becoming available from 04:00 UTC on Tuesday after security checks are completed, following an initial reopening on Sunday. The restart follows a reported hack estimate...

    Crypto Briefing

    Binance says $6.34 billion hack recovery came entirely from its own balance sheet

    Binance says the recovery of a hot wallet breach affecting roughly $6.3 billion in assets was funded entirely from its own balance sheet, with its $6.34 billion reserve set aside to cover losses while investigators trace about $2.54 billion in frozen...

    Cointelegraph

    Binance taps half its SAFU Bitcoin holdings, releases reserve proof

    Binance's SAFU Bitcoin wallet now holds about 7,500 BTC after a 7,499 BTC transfer linked to a security breach, as the exchange draws on half of its SAFU holdings and releases reserve proof, with no timeline given for restoring the roughly $1 billion...

    Crypto Briefing

    Binance sheds $5B in a day as rivals draw deposits

    Binance lost roughly $5 billion in net outflows in a single day as rival exchange OKX recorded a surge in inflows, according to the base report from Crypto Briefing. The shift follows a security incident in which a hot wallet breach affected about $6...

    Cointelegraph

    OKX draws $445M in net inflows as Binance outflows exceed $7B

    OKX drew about $445 million in daily net inflows while Binance recorded roughly $7 billion in net outflows, according to Cointelegraph, following a security breach at Binance that affected about $6.3 billion in assets.

    Crypto News

    Bitcoin price rebounds after Binance hack, but can it reclaim $80K?

    Bitcoin has recovered to around $78,000 after last week's sell-off triggered by a reported $6.3 billion hack at Binance, described as the largest crypto theft on record. Binance said about $2.54 to $3 billion in assets had been frozen at the time, wh...

    Investing.com

    Binance sees outflows stabilising as exchange returns online after $6.3 billion heist

    Binance, the world's largest cryptocurrency exchange, has resumed customer withdrawals and returned online after a security breach estimated at about $6.3 billion in assets, which would be the largest crypto heist on record. Coverage indicates outflo...

    Cointelegraph

    Binance net outflows surge to $5.8B as withdrawals resume after record hack

    Binance's net outflows surged to about $5.8 billion as the exchange resumed withdrawals following a record hack, with coverage estimating roughly $6.3 billion in affected assets, of which about $2.54 to $3 billion has been frozen while investigators ...

    Techmeme

    Binance says net outflows were $3.64B, or 2.1% of assets, in the 9.5 hours after it began restoring withdrawals; DefiLlama puts 24-hour net outflows at $4.05B (Zack Abrams/The Block)

    Binance said net outflows totaled $3.64 billion, or 2.1% of its assets, in the 9.5 hours after it began restoring withdrawals following a major security breach, while DefiLlama data put 24-hour net outflows at $4.05 billion; the exchange had suspende...

    TechCrunch

    Binance resumes withdrawals following $6.3 billion breach

    Binance has resumed withdrawals following a security breach estimated at about $6.3 billion in assets, which reporting describes as the largest crypto heist on record. The exchange said it has now covered about 95% of the stolen assets, with withdraw...

    Crypto Briefing

    Binance sees nearly $3.8 billion withdrawn in 10 hours after reopening

    Binance saw nearly $3.8 billion in withdrawals within 10 hours of reopening its withdrawal services following a hot wallet breach that reports estimate affected roughly $6.3 billion in assets, with about $2.54 billion frozen while investigators trace...

    Cointelegraph

    Binance says phase one of withdrawals opens after $6.3B hack

    Binance has begun phased withdrawals after a record hack estimated at roughly $6.3 billion in affected assets, which the FBI has attributed to North Korea. Coverage cites Binance statements that about $2.54 to $3 billion has been frozen so far while ...

    Crypto News

    Binance reopens Bitcoin withdrawals after $6.3B hack, says 95% restored

    Binance has reopened Bitcoin withdrawals following a security breach that the exchange estimates affected roughly $6.3 billion in assets, with the first phase covering 15 networks and reports stating that 95% of affected assets have been replenished....

    Gulf News

    Binance resumes withdrawals after $6.34 billion crypto hack

    Binance, the world's largest cryptocurrency exchange, resumed withdrawals after a security breach estimated at $6.34 billion in affected assets, which would make it the largest crypto theft on record. Earlier, the exchange had frozen deposits and wit...

    Gulf News

    Binance resumes withdrawals after $6.34 billion crypto hack

    Binance, the world's largest cryptocurrency exchange, resumed withdrawals after a security breach estimated at $6.34 billion in affected assets, which would make it the largest crypto theft on record. Earlier, the exchange had frozen deposits and wit...

    Crypto Briefing

    Binance picks Bitcoin network for first batch of withdrawal reopenings after hack

    Binance has begun reopening withdrawals after a security incident in which a hot wallet breach affected roughly $6.3 billion in assets, with about $2.54 billion frozen while investigators trace the funds. The first batch of withdrawals will run on th...

    Techmeme

    Binance says it plans to resume withdrawals in phases starting Sunday, after covering 95% of the ~$6.3B in tokens stolen in the hack, including BTC and ETH (Reuters)

    Binance, the world's largest cryptocurrency exchange, said it plans to resume withdrawals in phases starting Sunday, after covering about 95% of the roughly $6.3 billion in tokens stolen in a security breach, including BTC and ETH. The exchange had t...