Binance Resumes Withdrawals After $6.3 Billion Hack, Covers 95% of Stolen Funds: who 16 outlets blamed - NewsCord
Binance resumed withdrawals on November 1, 2026, after a security breach that stole digital assets valued at about $6.3 billion, and the exchange said it would begin a phased resumption of withdrawals.
The exchange processed around $4.6 billion in withdrawals and $1 billion in deposits by 10:30 a.m. ET, while it continued testing remaining systems and assets.
Binance co-CEO Richard Teng said, "Our commitment remains clear: Binance will absorb the financial impact of the stolen funds, not our users," as the company restarted withdrawals for 15 digital currencies including Bitcoin, Solana, and Ethereum.
Binance reported net outflows of about $3.64 billion, equal to 2.1% of its publicly reported assets under management, as withdrawals stabilized after an initial spike.
FBI links theft to North Korea
The FBI said it was releasing information advising the Democratic People's Republic of Korea was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026.
The FBI added that it had observed "TraderTraitor actors" converting stolen assets into Ethereum, and it expected those assets to be laundered further using decentralized finance and instant swap services.
Binance said it thanked the FBI for its "strong support during this challenging time," and the exchange described its response as involving security reviews, work with law enforcement and partners, and monitoring risks after the breach.
Next steps and response
Binance also said it had covered about 95% of the stolen amount, and it warned that the remaining 5% were "less liquid in the market and take (a) longer time to source at the required scale."
Binance said it would continue restoring additional assets and networks in phases as security checks were completed, while warning users to expect "temporary delays or longer processing times due to traffic volume."
President Donald Trump cast doubt on the North Korea involvement, telling reporters, "We don't know if it's North Korea," while also saying, "I'm not concerned. We're learning about it."
Binance said it had worked with other cryptocurrency firms to freeze about $3 billion of the stolen assets, and it said it would publish a more in-depth incident report when its investigation is complete.
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