Binance Restarts Bitcoin and Ether Withdrawals After $6.3 Billion Hack
Binance resumed bitcoin and ether withdrawals on November 1, 2026, after a hack that Reuters reported took about $6.3 billion from wallets controlled by the exchange. Reuters reported that the first phase of the restart began after 0600 GMT, the standard reference time that exchanges and markets use for global timestamps.
The phased reopening was not a surprise. In Security Incident Update #2, published October 30, 2026, Binance said withdrawals would resume in phases on November 1 and that it would cover all stolen funds. Binance's update was the operative document for customers during the pause, and the November 1 restart is the first point at which that plan turned into completed action.
The replenishment figures have moved since the first update. Binance had said that 90% of stolen assets had been replenished, meaning it had made that share of the losses good. A day later, Reuters reported on October 31 that Binance had covered $6 billion of the $6.3 billion stolen. AFP put the total affected funds at more than $6 billion in its own November 1 reporting.
The remaining gap is the figure to watch. Binance's commitment to cover everything is a pledge that will only be tested as that shortfall closes.
Reuters reported on October 30 that cryptocurrency prices fell after news of the hack.
The broader context here is that the drop reflected a shock to confidence in one major venue, not a change to the underlying bitcoin or ether protocols. Restarting outbound transfers does not by itself restore that confidence, though it removes the most immediate constraint on customers who wanted to move funds.
Reuters reported on October 31 that crypto exchanges called for quick action to bolster their defenses.
In my reading, that call matters more than the price move. When competitors ask in public for faster defensive measures, they are signaling that they see the same class of risk on their own platforms, and that the cost of a lagging response falls on the whole sector.
Three things are worth tracking from here. The first is whether the phased withdrawals proceed on schedule, since the reported restart so far covers bitcoin and ether. The second is how the remaining gap between the $6.3 billion stolen and the amount covered closes, and on what timetable. The third is whether the defensive measures peers have called for become concrete. None of these is settled by the November 1 announcement. Each is a step that either happens or does not, and the reporting so far shows the first step taken and the rest still ahead.
