Binance resumes crypto withdrawals after $6.3B hack
Binance is beginning to restore normal operations after the largest hack in crypto market history. The exchange has already replaced most of the stolen assets, although the fallout from the attack continues to create uncertainty across the industry.
Binance replaces 95% of stolen assets and resumes withdrawals
On November 1, Binance announced a phased resumption of crypto withdrawals following the $6.3 billion cyberattack. According to Dawn, the exchange has replenished roughly $6 billion of the stolen assets, equivalent to about 95% of the total losses.
Binance used its own funds to restore customer backing and purchased replacement tokens where needed. The remaining 5% consists mainly of less liquid assets, which may take longer to acquire.
According to Binance’s official statement, the first stage of withdrawal restoration is scheduled for November 1 between 06:00 and 09:00 UTC and covers Bitcoin, Ethereum, BNB, XRP, Solana and other assets. The company stressed that customers will not bear the cost of covering the losses, while deposits continue to operate normally.
FBI links record crypto theft to North Korean hackers
On October 31, the FBI officially attributed the attack to the North Korean-linked TraderTraitor group. As per U.S. law enforcement, the attackers converted part of the stolen assets into Ethereum, potentially preparing to move the funds through DeFi protocols and exchange services.
To absorb the losses, Binance has drawn on corporate reserves, its SAFU protection fund and part of the Futures Insurance Fund. The exchange is also working with industry partners and law enforcement agencies to trace and freeze the stolen crypto.
Roughly $3 billion in affected assets had previously been identified and frozen.
Restoring confidence could ease pressure on crypto markets
The return of withdrawals marks an important step toward stabilizing the situation, but the consequences of the record breach may linger. Rebuilding confidence will depend not only on reimbursing losses but also on whether Binance can resume full operations without fresh liquidity problems.
Crypto markets remain vulnerable to sharp swings in the meantime. As noted previously, weak risk appetite and large-scale liquidations have already intensified pressure on digital assets.
If Binance can fully stabilize operations and reassure customers that funds remain accessible, emotionally driven selling could begin to fade and leave more room for a broader crypto recovery.
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