Binance reopened withdrawals at 06:00 UTC on Sunday, Nov. 1. By 3:30 p.m. UTC, it had processed $4.65 billion going out and $1.01 billion coming in, a net outflow of $3.64 billion, according to figures the exchange shared with CNBC. Binance says that’s 2.1% of its total assets.
Most coverage will treat $3.64 billion in a morning as a run on the exchange. I’m more interested in the 2.1%. Three days after the largest crypto theft on record, with every user able to withdraw, about 98% of assets stayed where they were. That looks more like customers rebalancing than a bank run.
Key Takeaways
- Withdrawals reopened on Nov. 1 at 06:00 UTC, starting with Bitcoin and expanding to 15 networks.
- First nine and a half hours: $4.65B out, $1.01B in, $3.64B net, which Binance says is 2.1% of total assets.
- Coverage: Binance says it has now covered about 95% of the impacted amount, up from 90% on Oct. 31.
- FBI confirmation: On Saturday the FBI formally named North Korea’s TraderTraitor group as responsible.
- Laundering expected: The FBI says it has seen the hackers converting stolen funds into Ethereum and expects further laundering through DeFi and instant swap services.
Binance After the Hack: The Numbers
| Metric | Figure | Source |
|---|---|---|
| Stolen on Oct. 29 | ~$6.36B | TRM Labs |
| Withdrawals reopened | Nov. 1, 06:00 UTC | Binance |
| Withdrawals processed (06:00–15:30 UTC) | $4.65B | Binance via CNBC |
| Deposits in the same window | $1.01B | Binance via CNBC |
| Net outflow | $3.64B | Binance via CNBC |
| Net outflow as share of total assets | 2.1% | Binance |
| Loss coverage, Oct. 31 | ~90% | Binance |
| Loss coverage, latest | ~95% | Binance |
| Frozen by issuers and networks | ~$2.7B–$3B | TRM / Binance |
One calculation of mine: if $3.64 billion is 2.1% of total assets, Binance holds roughly $170 billion or more. That’s why the company could set aside $6.34 billion to cover users without a solvency scare.
How Withdrawals Are Coming Back
Binance is reopening in phases, network by network, as security checks are completed.
| Phase | Networks |
|---|---|
| First batch (Nov. 1 morning) | Bitcoin, Ethereum, BNB Smart Chain, XRP Ledger, Base, Dogecoin, Optimism |
| Later Nov. 1–2 | Arbitrum, Tron, Solana (SOL, USDT, USDC) |
| Remaining | “Additional assets and networks in phases as security checks are completed” |
“First batch network now opened in phase one of withdrawals,” Binance posted on X on Sunday.
The FBI Confirms North Korea
Analyst attribution became official on Saturday.
“The Federal Bureau of Investigation (FBI) is releasing information advising the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026,” the bureau said.
The FBI said it had observed “TraderTraitor actors” converting stolen assets into Ethereum and expected them to launder the funds through decentralized finance and instant swap services. It urged private companies “to block transactions with or derived from addresses TraderTraitor actors are using to launder these stolen assets.”
TraderTraitor is the same group the FBI blamed for the $1.5 billion Bybit theft in February 2025.
Is $3.64 Billion a Bank Run?
Context matters. When FTX collapsed in November 2022, customers tried to withdraw about $6 billion in roughly three days, and the exchange couldn’t pay. Binance moved more than half of that in under ten hours and kept processing withdrawals.
| FTX (Nov. 2022) | Binance (Nov. 2026) | |
|---|---|---|
| Trigger | Solvency questions | $6.3B hack |
| Withdrawal demand | ~$6B in ~72 hours | $4.65B gross in ~9.5 hours |
| Withdrawals honored? | No, halted | Yes, phased reopening |
| Losses covered by company | No | ~95%, per Binance |
The difference is reserves. Binance had the money to replace what was stolen and still pay everyone who wanted out. That’s a far better position than most exchanges would be in after a hack this size.
What Crypto Casino Players Should Do Now
Last week’s advice still applies, with a few updates now that withdrawals are reopening.
1. Check the network before you withdraw. Not every network is open yet. Sending funds to or from Binance on a network that’s still closed can leave them stuck. Check Binance’s status page first.
2. Expect congestion and higher fees. With billions moving at once, confirmations can be slow and network fees higher than usual. Don’t resend a transaction because it’s pending.
3. Expect stricter deposit screening. The FBI is asking platforms to block funds “derived from” the hacker’s addresses. Casinos and exchanges will screen more closely this week, so deposits from unknown P2P sources are more likely to be delayed or flagged.
4. Watch for refund scams. “Binance compensation” phishing typically peaks in the days after withdrawals reopen. Binance is covering losses on its side, and there’s nothing for users to claim, sign or connect a wallet to.
5. Move only what you need. If you’re moving funds between Binance and a casino, move only what you’re actively using. The risk in this hack was in hot wallets, and every platform has them.
The Bigger Picture
What I keep coming back to is how little damage the record theft did. A $6.3 billion hack, three days of frozen withdrawals and an FBI attribution to North Korea, and the result was a 2.1% net outflow. Crypto’s largest exchange showed it could absorb losses that would have bankrupted almost any other platform.
That should reassure Binance users. It’s less reassuring for everyone else. The lesson isn’t that crypto platforms are safe. It’s that Binance is big enough to cover a hack. A mid-sized exchange or crypto casino that lost even a fraction of this wouldn’t have $6.34 billion available. Before you deposit anywhere, it’s worth asking whether that platform could cover a loss like this.
FAQ: Binance Withdrawals After the Hack
Has Binance resumed withdrawals?
Yes. Withdrawals reopened in phases from Nov. 1 at 06:00 UTC, starting with Bitcoin and expanding to 15 networks, with more being added as security checks finish.
How much money left Binance after withdrawals reopened?
Between 06:00 and 15:30 UTC on Nov. 1, Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits, a net outflow of $3.64 billion, or 2.1% of total assets.
Who hacked Binance?
The FBI said on Oct. 31 that North Korea’s TraderTraitor group was responsible. It’s the same group behind the 2025 Bybit hack.
Are Binance user funds covered?
Binance says it has covered about 95% of the impacted amount with company funds and is buying the rest through OTC markets.
