BREAKING: Binance Restores Withdrawals In Phases after $6 Billion Cyberattack
Binance, the world’s largest cryptocurrency exchange, has begun restoring cryptocurrency withdrawals in phases following a cyberattack that resulted in the theft of approximately $6.3 billion in digital assets.
The development was disclosed by Binance in a security incident recovery update published on its official X account on Sunday, November 1, 2026.
The incident, which the FBI has attributed to North Korean hackers, is regarded as the biggest cryptocurrency heist in history, surpassing the $1.5 billion Bybit hack recorded in February 2025.
Binance outlines phased withdrawal resumption
Binance said it was preparing to resume the first phase of cryptocurrency withdrawals between 06:00 and 09:00 GMT on Sunday, November 1, following security assessments and precautionary measures to protect its platform.
The initial rollout covers 15 blockchain network groups, with withdrawals progressively becoming available for several cryptocurrencies, including Bitcoin, Ether, BNB, Solana, XRP and Dogecoin. It also includes the two largest stablecoins, Tether’s USDT and Circle Internet Group’s USDC, across supported networks.
The exchange explained that the restoration would be guided by user demand and security checks, rather than reopening all withdrawal services simultaneously.
In its announcement, Binance said:
- “We are taking a phased approach by prioritizing tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened.”
The company also cautioned that users could experience temporary delays or longer processing times during the initial rollout because of increased traffic. It advised customers whose withdrawals fail to try again after a short while, adding that it would continue monitoring network and platform performance.
How hackers breached Binance’s security systems
The attack occurred on Thursday, October 29, when hackers compromised Binance’s hot wallets and initiated unauthorised withdrawals estimated at $6.3 billion.
Binance’s initial investigation suggested that the breach involved a compromised DevOps engineer’s laptop, which allegedly enabled the attacker to access a service container and submit unauthorised withdrawal transactions.
The scale of the incident triggered an industry-wide response, with Binance and other cryptocurrency companies working with blockchain intelligence firms, law enforcement agencies and asset issuers to trace and freeze the stolen funds.
- By November 1, Binance said it had covered approximately 95% of the affected amount, with the remaining 5% consisting largely of less-liquid tokens that would take longer to source.
The recovery effort formed part of the exchange’s broader attempt to restore confidence in its platform while completing security checks before reopening withdrawals.
Binance hack surpasses previous crypto heists
The Binance incident is significantly larger than the February 2025 attack on Bybit, another major cryptocurrency exchange, in which approximately $1.5 billion was stolen. The FBI also attributed that incident to North Korean hackers.
The scale of the Binance breach becomes clearer when compared with the wider cryptocurrency theft figures recorded in recent years.
- According to blockchain analytics firm Chainalysis, the cryptocurrency industry recorded more than $3.4 billion in stolen digital assets between January and early December 2025, with the Bybit attack accounting for approximately $1.5 billion of the total.
- This represented an increase of approximately 54% compared with the $2.2 billion stolen from cryptocurrency platforms in 2024, according to the firm’s previous report.
- The Binance theft alone, at approximately $6.3 billion, is therefore substantially higher than the combined amount recorded across the cryptocurrency ecosystem in either of those years.
For Nigerian users, the incident comes against the backdrop of Binance’s regulatory challenges in the country. Although users can still access Binance accounts, the exchange discontinued its Nigerian naira services in March 2024, including naira deposits, withdrawals and trading pairs.
More recently, Newsmen reported on April 18, 2026, that the Central Bank of Nigeria (CBN) had concluded its testimony against Binance in the ongoing legal proceedings, maintaining that the exchange conducted what it described as “hidden operations” in Nigeria without authorisation.
