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Binance reopens more withdrawals after $6.3B breach

Binance began reopening withdrawals for more crypto assets on Nov. 3 after a $6.3 billion wallet breach, restoring access network by network as checks clear.

By Crypto Readout Editorial3 min read#513365

Binance reopens more withdrawals after $6.3B breach

Binance began reopening withdrawals for more crypto assets on Nov. 3, expanding a phased recovery after hackers took about $6.3 billion in token assets from its hot wallets. The exchange’s latest recovery update says the new phase would start at 04:00 UTC, with each asset becoming available only after security and readiness checks.

A withdrawal moves crypto from a customer’s Binance account to an address on a blockchain. It depends on two parts being ready: the asset and the network used to send it. Binance is reopening those asset-network pairs progressively, so an asset may be available on one network before another. Deposits remained open, the company said.

Which withdrawals are returning, and how will Binance restore them?

The Nov. 3 phase covers assets across BSC, Ethereum, Solana, XRP, Sui, Arbitrum, Optimism, Tron and Base. On BSC, for example, Binance listed BTC, ETH, ADA, SOL and DOGE. On Ethereum, it listed assets including ETH, BTC, LINK and SHIB. The update also says withdrawals for all bSTOCKS will reopen.

The list is a plan, not a single switch that makes every withdrawal available at once. Binance says it will enable each network and asset combination as checks are completed, prioritising tokens based on customer demand over the previous week. It warned that traffic could cause delays and told customers to check the withdrawal page or network status page for availability.

Why were withdrawals suspended after the breach?

Binance said its hot wallets were compromised at about 20:05 UTC on Oct. 29. Hot wallets are connected to the internet and hold crypto used for transactions; they are distinct from cold wallets, which Binance’s co-CEO said hold most customer assets offline. Binance suspended withdrawals while it reviewed security, made repairs and checked affected systems. The exchange said deposits and other unaffected services remained operational.

In its Oct. 30 incident update, Binance put the loss at about $6.3 billion and said it had set aside more than $6.34 billion in company funds to cover it. It also said about $3 billion in affected assets had been frozen on-chain with partners. The Associated Press reported that blockchain firm TRM attributed the attack to TraderTraitor, a North Korean hacking unit; Binance said it was still working with law enforcement to confirm who was responsible.

Did Binance halt trading?

Binance’s incident notices confirm a temporary withdrawal suspension, not a platform-wide trading halt. The latest update concerns restoring the ability to move assets off the exchange, one network at a time. Binance says it will continue reopening withdrawals and will bear the financial impact of the stolen funds.

Sources