Susanna Riva On October 29, 2026, the Binance exchange was the victim of an unprecedented cyberattack , during which attackers stole approximately $6,3 billion from hot wallets distributed across multiple blockchains. The hack lasted less than twenty minutes , allowing most of the funds to be withdrawn in just four hours.
The incident immediately led to the temporary suspension of withdrawals, while deposits remained active to allow users to move funds while awaiting clarification.
Three days later, on November 1st, Binance announced the controlled reopening of withdrawals, starting with the Bitcoin network . The decision to reactivate one chain at a time is intended to ensure thorough security checks before making other assets available again, avoiding further vulnerabilities.
The process involves constant monitoring of volumes, recognizing that the high volume of requests could cause temporary delays. At the same time, the exchange confirmed that its reserves have already covered approximately 95% of the stolen amount, thanks to a $6,34 billion reserve set aside to address the emergency.
Network-by-network reactivation procedure
The first step was the reopening of the Bitcoin network, considered the cornerstone of most traders. Once the systems' integrity was verified, Binance gradually unlocked subsequent blockchains, including Ethereum and BNB, among others. Each phase is accompanied by internal audits and anti-phishing tests, with the aim of identifying any anomalies before user funds are made available again. Despite the current availability of withdrawals, Binance reported that volumes showed a strong initial surge and then stabilized, meeting operational forecasts.
Flow data: withdrawals, deposits and net outflow
During the reopening period, users made withdrawals worth a total of $4,649 billion , while deposits amounted to $1,01 billion . The net result is an outflow of approximately $3,64 billion , a figure that highlights the urgency of removing capital from the market following the attack. Binance announced that, after the initial surge, the pace of withdrawals has returned to more moderate levels, a sign of a gradual rebuilding of trust among users.
Repercussions on the markets and response of the authorities
The theft had an immediate impact on major cryptocurrency indices: Bitcoin 's price dropped more than 3% , hitting a six-week low around $76,000, while Ethereum and BNB suffered similar declines. Leveraged positions were hit hardest: liquidations exceeded $628 million in a single hour, with long trades dominating. The FBI, analyzing digital traces, attributed the theft to the North Korean group TraderTraitor , also urging platforms to block the addresses involved.
Meanwhile, industry peers have frozen an estimated $2,7 to $3 billion , reducing criminals' room for maneuver. The combination of preventative measures, Binance's 95% loss coverage, and the controlled reopening of withdrawals represent a crucial step toward stabilizing the crypto market, providing investors with a new foundation of confidence after the largest theft in history.