WORLDTECHBinance restarts Bitcoin withdrawals first in phased reopening after hack
Binance has started restoring withdrawals in stages after an attack, with the Bitcoin network among the first 15 networks to reopen. Deposits stayed open throughout, and the exchange says it has replenished most of the stolen assets from company funds.
Staged reopening and its sequence
Binance announced the phased resumption of withdrawals on November 1, 2026, following an attack on October 29-30. The first phase reopened 15 networks in total, with Bitcoin counted among them alongside 14 others.
According to the exchange, the order was set using recent user demand data, giving priority to the networks users were most eager to withdraw from. Later phases are expected, but only after additional security checks.
Scale of the theft and recovery
Approximately $6.3 billion in digital assets was drained from Binance's hot wallets, a sum the report describes as making the incident the largest exchange hack on record. Multiple blockchains were affected, with Ethereum and Bitcoin the most heavily hit assets.
Binance reports having replenished about 90-95% of the stolen assets with company funds, drawing partly on its Secure Asset Fund for Users, and says users suffered no financial losses. Partner exchanges froze around $3 billion of the assets after the hack.
Proof of reserves scheduled
Binance has set a comprehensive proof-of-reserves update for November 2, 2026. Such an update is meant to show that an exchange holds the assets it owes customers, instead of asking users to take its word for it.
The attack has also prompted extensive audits and security reviews inside the company.
Open questions
- When will the later withdrawal phases reopen?
- Will the November 2 proof-of-reserves update fully confirm customer balances?