Binance Resumes Withdrawals After $6.3 Billion Hack
Binance has initiated a phased resumption of withdrawal services following a security breach that reportedly resulted in approximately $6.3 billion in losses from its hot wallets. The exchange states it has covered about 95% of the affected funds using company reserves and plans a comprehensive Proof of Reserves (PoR) update for November 2, 2026.
Binance has resumed withdrawals for Bitcoin and 14 other networks.
Approximately $6.3 billion was stolen from hot wallets, with 95% covered by Binance.
A Proof of Reserves update is scheduled for November 2, 2026.
The incident marks the largest exchange hack on record.
Story
The world's largest cryptocurrency exchange, Binance, has begun a phased resumption of withdrawal services following a massive security breach that occurred on October 29-30. Approximately $6.3 billion in digital assets were reportedly taken from Binance's hot wallets, making this incident the largest exchange hack on record. Binance has stated that it has replenished about 95% of the stolen assets using company funds, including its Secure Asset Fund for Users (SAFU). The resumption of withdrawals is being conducted in phases, with Bitcoin and 14 other networks prioritized in the initial batch based on recent user demand data. A comprehensive Proof of Reserves update is scheduled for November 2, 2026, to verify the full coverage of user funds. This move is critical for restoring user confidence and the stability of the broader crypto market, which was significantly shaken by the incident. Binance's ability to respond swiftly and cover a large portion of the losses is an important signal, but it also highlights the persistent security risks faced by centralized exchanges.
Issue context
Following a massive security incident that reportedly saw approximately $6.3 billion stolen from hot wallets, Binance has initiated a phased resumption of withdrawal services. The exchange states it has covered about 95% of the affected funds using company reserves, a crucial signal for market confidence. Concurrently, the stablecoin market is experiencing a decline in total supply to $298.5 billion, its lowest level since August, suggesting a potential reduction in liquidity or a more cautious investor stance. These developments underscore the ongoing challenges in crypto security and the dynamic nature of market movements.
Recent events at Binance and the decline in stablecoin supply indicate that exchange security and market liquidity remain critical factors. Pay attention to Binance's recovery developments and the impact on overall liquidity, as these can influence market sentiment and potential price movements. Stay vigilant regarding security risks and the provenance of information.
Market pulse
BTC
$77.3K
-0.96% 24h / -4.16% 7d
ETH
$2.2K
+0.41% 24h / -5.56% 7d
Fear & Greed
30
Fear
BTC Funding
+0.0072%
20 perp markets · Open Interest $53.2B
Sources
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.