Binance, the world’s largest cryptocurrency exchange, has resumed bitcoin withdrawals on November 1, 2026, following a massive security breach that saw US$6.3 billion in tokens stolen. The exchange has covered 95% of the stolen funds, with plans to restore withdrawals for other cryptoassets in phases. The first phase includes 15 cryptoassets such as bitcoin, ether, XRP, and dogecoin.
The FBI has linked the heist to North Korea’s state-sponsored unit, TraderTraitor, though US President Donald Trump has expressed uncertainty about North Korea’s involvement. The theft, which occurred over 20 minutes on October 29, 2026, is considered one of the largest financial robberies ever. Binance has committed to bearing the financial costs, using funds from its Secure Asset Fund for Users (SAFU), Futures Insurance Fund, and corporate treasury to cover the losses.
Binance co-CEO Yi He stated that 50% of the SAFU funds would be used, with a commitment to replenish the fund to US$1 billion. The exchange has also worked with industry partners to freeze about US$3 billion of the stolen assets as of October 30, 2026. The breach involved a compromised laptop and malicious software designed to erase evidence, complicating the investigation.
Crypto prices fell on October 30, 2026, amid the fallout from the hack. Binance, which has 335 million registered users globally and manages about US$162.8 billion in assets under custody, has sought to reassure customers about the safety of their funds.