Binance Processes $4.65B in Withdrawals Across 15 Networks After Hack
Exchange stabilizes net outflows of $3.64 billion following a massive $6.3 billion security breach.
1Phased Withdrawal Restoration Process
Binance initiated a phased restoration of withdrawal services at 06:00 UTC on November 1, 2026, following a $6.3 billion security breach. By 12:36 UTC, the exchange successfully reopened all withdrawal routes across 15 distinct networks. This systematic approach allowed the platform to manage traffic spikes while ensuring security protocols remained strictly enforced throughout.
2Net Outflow and Asset Impact
Between 06:00 and 15:30 UTC, the exchange processed $4.649 billion in total withdrawals against $1.01 billion in deposits. This resulted in net outflows of approximately $3.64 billion, representing roughly 2.1% of the firm's $171 billion in assets under management. These figures were calculated based on proof-of-reserves data dated October 28.
3Network and Asset Coverage
Restored options spanned major blockchains including Bitcoin, Ethereum, and BNB Smart Chain, alongside scaling networks like Base, Optimism, and Arbitrum. Users gained access to transfers for assets such as BTC, ETH, USDT, USDC, and SOL. The exchange continues to monitor traffic levels, warning that high demand may cause temporary processing delays for users.
4Reserve Replenishment Strategy
Binance has increased its replenishment of impacted assets to approximately 95% of the total stolen amount. This recovery effort utilizes company resources rather than recovered funds from attackers. The exchange continues to source less liquid tokens through both market and over-the-counter channels to ensure all major balances remain fully backed for users.
5Verification and Proof of Reserves
The exchange confirmed that balances for major assets like BTC, ETH, and BNB are fully backed. A new reserve snapshot was captured at 00:00 UTC on October 31, with an updated report scheduled for November 2. Engineers are currently generating zero-knowledge proofs to verify reserve calculations without compromising individual customer balance privacy.
6Attribution of Cyber Attack
On October 31, the Federal Bureau of Investigation officially attributed the $6.3 billion theft to North Korean cyber activity. The bureau linked the incident to the group known as TraderTraitor, noting that stolen assets were primarily converted into ether. Binance has committed to releasing a comprehensive post-incident report once their internal investigation concludes.
7Evidence of Sophisticated Breach
Co-CEO Richard Teng reported that investigators uncovered multiple breach points and evidence-destruction tactics utilized during the attack. The hackers successfully bypassed existing approval controls to facilitate the massive outflow. These findings are central to the ongoing security audit, which aims to identify systemic vulnerabilities and prevent future unauthorized access to exchange funds.
8Operational Stability and Outlook
Withdrawal volumes have shown signs of stabilization following the initial surge observed during the restart. While the exchange continues testing networks outside the initial phase, the overall liquidity position remains robust. Market participants are now awaiting the upcoming proof-of-reserves report to confirm the long-term stability of the platform's digital asset holdings.