Binance Restores Withdrawals, Absorbs Most of $6.3B Hack Losses

WHO:

CNN - Binance co-CEO Richard Teng announced the phased resumption of withdrawals on X.

CNN - The FBI identified TraderTraitor, cyber actors sponsored by North Korea since at least 2020, as responsible for the theft.

CNN - Binance thanked the FBI, industry partners, and cryptocurrency firms that froze and traced stolen assets.

BBC - Binance said it had consistently pledged to cover 100% of losses from the hack.

WHAT:

CNN - Binance resumed withdrawals after $6.3 billion was stolen from its digital wallets; it initially restored access for 15 cryptocurrencies, including Bitcoin, Solana, and Ethereum.

CNN - Binance reported processing around $4.6 billion in withdrawals and $1 billion in deposits.

CNN - Binance said about 95% of the stolen amount was covered, using its Secure Assets Fund for Users, a reserve of roughly $1 billion in Bitcoin, along with its corporate treasury and Futures insurance fund.

CNN - Binance said the remaining 5% involved tokens less liquid than leading currencies and slower to source at the required scale; the top 10 digital currencies, including Bitcoin and Solana, were “fully backed 100%.”

CNN - Binance said it was testing remaining systems and assets, conducting security reviews, working with law enforcement and partners to recover funds, and monitoring risks.

CNN - Binance warned some users could face withdrawal delays or longer processing times and said further assets and networks would be restored in phases after security checks, prioritized by user demand.

CNN - Cryptocurrency firms had frozen about $3 billion of the stolen assets.

CNN - The FBI said TraderTraitor actors were converting stolen currencies, mainly into Ethereum.

BBC - Binance said it had set aside more than $6.34 billion in company funds to cover losses.

WHERE:

CNN - The stolen funds came from Binance’s digital wallets.

WHEN:

CNN - Binance said withdrawals resumed in a phased rollout; the company had suspended them on Friday after its system was hacked.

CNN - The FBI reported its attribution on Saturday.

CNN - Binance’s initial withdrawals covered 15 cryptocurrencies as of 7:36 a.m. ET.

CNN - Binance reported withdrawal and deposit totals as of 10:30 a.m. ET.

WHY:

CNN - Binance said it was taking a careful approach to restore services safely and securely and would absorb the financial impact “not our users.”

CNN - Binance said the remaining uncovered tokens took longer to source because they were less liquid in the market.

HOW:

CNN - Binance said it would restore additional assets and networks in phases as security checks were completed.

BBC - Binance described the incident as suspected to be crypto’s biggest hack on record.

(UPDATED November 1, 2026 19:03 UTC)

Binance has resumed withdrawals after hackers stole $6.3 billion from its digital wallets. The FBI blamed North Korean-linked TraderTraitor actors, while Binance pledged to cover customer losses. Binance says about 95% of the stolen funds are covered; remaining withdrawals resume in phases.