Binance picks Bitcoin network for first batch of withdrawal reopenings after hack
Binance has reopened withdrawals using the Bitcoin network in the first phase of restoring access after a security breach drained approximately $6.3 billion from its hot wallets.
Binance announced the phased resumption on November 1, 2026, with phase one running between 06:00 and 09:00 UTC. The Bitcoin network was among 15 networks that reopened in this first batch, selected based on recent user demand data.
The scale of the breach explains the cautious approach. Approximately $6.3 billion in digital assets was taken from Binance's hot wallets during the October 29-30 attack, making it the largest exchange hack ever recorded.
User Protection
Binance claims users suffered no financial losses from the breach. The exchange reported replenishing about 90-95% of the stolen assets using company funds, including its Secure Asset Fund for Users.
The exchange is absorbing the hit on its own balance sheet rather than passing it to customers.
Security Measures
Deposits remained open throughout the incident, while withdrawals were suspended immediately after detecting the breach. The multi-chain nature of the theft requires each network to undergo security review before withdrawals can resume.
Blockchain analytics firms and the FBI have linked the breach to TraderTraitor, a group connected to North Korea. Around $3 billion of the stolen assets were frozen by partner exchanges after the hack.
Next Steps
Binance has scheduled a comprehensive proof-of-reserves update for November 2, 2026, which will demonstrate whether the exchange actually holds the assets it owes customers. For now, Bitcoin holders and users on other phase-one networks can move their funds again.
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