Binance reopens withdrawals after $6.3 billion crypto theft

Binance began reopening withdrawals in phases on Sunday, Nov. 1, after suspending them for about 48 hours following a hack that stole $6.3 billion in crypto. The return gives customers access to some assets, while the scale of withdrawals tests confidence in the exchange.

• $6.3 billion: crypto stolen in the attack, according to Binance.
• About 48 hours: withdrawals were suspended.
• $4.72 billion: net customer withdrawals since service resumed, Reuters reported on Nov. 2.
• 2.8%: the share of Binance’s platform assets represented by those outflows, the exchange said.

Which withdrawals are available again?

Binance reopened access gradually, starting with selected assets and networks. Its Nov. 1 recovery announcement listed bitcoin on the Bitcoin network, ether and some dollar stablecoins on Ethereum, and assets including BNB, SOL, XRP and DOGE on their respective networks.

Availability may vary by asset and network. Binance said it would add more as security and readiness checks were completed, and warned that users might face delays during the rollout. Reuters reported on Nov. 2 that US dollar cash withdrawals had also returned, while withdrawals for many cryptocurrencies remained partly suspended.

How much have customers withdrawn?

Customers had withdrawn a net $4.72 billion since Binance lifted the suspension on Sunday morning, according to Reuters’ report on the post-hack outflows. Binance said the amount was about 2.8% of the assets on its platform.

The exchange said withdrawal volumes spiked at first, then declined and stabilised. A Binance spokesperson also reported $2.7 billion in inflows. Those figures suggest money moved both out of and into the exchange after service returned, though the net total remained a substantial outflow.

Binance co-CEO Yi He said the company’s priority was to secure the platform so users could withdraw and operations could resume. The phased return means the exchange has not yet restored access to every asset or network.

What does Binance say about covering the stolen funds?

Binance said it would absorb the financial impact rather than pass the losses to customers. In its recovery announcement, the exchange said it had covered about 95% of the affected amount and was sourcing the remaining assets through market and over-the-counter purchases. It said the outstanding tokens were less liquid and would take longer to obtain at the required scale.

The theft hit Binance’s hot wallets, crypto wallets connected to the internet, around 20:05 UTC on Oct. 29, according to an earlier company update. Reuters reported that the FBI attributed the attack to North Korea. The investigation is ongoing, and Binance said it would publish a post-incident report when it is complete.

Sources and documents

• Nov. 1 recovery announcement — binance.com
• Reuters’ report on the post-hack outflows — investing.com