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Binance Reopens More Withdrawals After $6.3B Hack

Binance is reopening withdrawals for more assets after a $6.3 billion security breach, as investigators trace funds and the exchange says users will not bear losses.

The Aeterna Sol Editors

Binance Reopens More Withdrawals After $6.3B Hack

$6.3 billion is Binance’s estimated impact from the security breach that led it to suspend withdrawals. On Nov. 3, the exchange said it would reopen withdrawals for more assets in phases, restoring access as security checks clear.

The update marks a step in Binance’s recovery from what the Associated Press described as a likely record crypto theft. The reports confirm a withdrawal suspension; they do not confirm that Binance halted trading.

Which withdrawals are reopening, and when?

Binance said in its Nov. 3 recovery update that withdrawals for additional assets would begin reopening at 04:00 UTC that day. The rollout is progressive, so not every listed asset becomes available at once.

The assets cover several networks, including BSC, Ethereum, Solana, XRP, Sui, Arbitrum, Optimism, Tron and Base. Binance said it is prioritising tokens based on user demand over the previous week and will add more assets after checks are complete.

Deposits remain open, according to the notice. Binance also cautioned that users may see delays during the rollout and said they should check the withdrawal page or network status page to confirm availability for a particular asset and network.

What caused the suspension?

Binance’s initial investigation suggested a compromised DevOps engineer’s laptop may have let an attacker access a service container and submit unauthorised withdrawal transactions. The company said it had found no evidence that wallet private keys were leaked, and said it would publish a technical post-mortem after its investigation.

The Associated Press report on the Binance hack said blockchain intelligence firm TRM attributed the attack to TraderTraitor, a North Korean hacking unit, with “high confidence.” AP also reported that Chainalysis considered the group a likely culprit. Binance said it was working with law enforcement to establish the attackers’ identity.

How much has been recovered, and who covers the losses?

Binance’s Oct. 30 incident update put the estimated impact at about $6.3 billion and said partners had frozen roughly $3 billion on-chain. AP reported that TRM estimated about $6.36 billion had moved out of Binance wallets across ten blockchains, with much of it moved in about 20 minutes.

Binance has said it will cover losses using its SAFU fund and company funds, and that user funds are safe. In its Nov. 3 notice, the exchange repeated that it would bear the financial impact. The reopening is happening asset by asset while Binance continues checks and recovery work; the notice does not say that all withdrawals have resumed.

Sources