Binance after the hack: withdrawals reopen, but trust is put to the test
Withdrawals at Binance have reopened, but trust doesn’t come back at the push of a button.
On November 1, 2026, Binance began gradually restoring withdrawals, three days after the attack of roughly $6.3 billion, while net outflows reached $5.8 billion, according to the latest Cointelegraph report. The exchange says it has covered about 95% of the stolen amount from its own reserves, but the outflows show how hard it remains to restore trust.
How are withdrawals coming back on Binance?
Withdrawals are reopening network by network, starting with Bitcoin, rather than for all assets at once. According to BeInCrypto, Binance is running security checks before enabling each subsequent network, and it warns of temporary delays due to the high volume of requests.
Deposits remained available throughout the incident. The company also says it has committed more than $6.34 billion to cover the loss. The remaining gap involves lower-liquidity tokens, which it is still buying.
A clear distinction is needed here: covering the loss from the exchange’s reserves does not mean recovering the stolen funds. Binance says user funds remain safe, but that is the company’s position, not something independently confirmed by the information we have.
How much money left after the restart?
The published figures show outflows in the billions, but they are different snapshots and should not be added together. CryptoSlate, citing DeFiLlama data on tracked Binance wallets, recorded net outflows of $2.51 billion on November 1.
Of that, about $1.083 billion was USDT, $912 million Bitcoin, $385 million USDC and $131 million wrapped Ethereum, meaning Ethereum in token form for use on another network.
The Block published a figure of $3.64 billion, while Cointelegraph’s later report put net outflows at $5.8 billion. Binance said withdrawal volume eased after the initial surge and pointed to about $171 billion in customer assets. That provides a point of comparison, not, on its own, an answer about the state of security.
How did the attack happen and what did the FBI say?
The attack began on October 29 and hit Binance’s hot wallets across multiple blockchains. According to BeInCrypto, about $6.3 billion was drained in less than four hours, with most of it leaving within roughly 20 minutes.
The sources describe the theft as the largest in crypto history, surpassing the roughly $1.5 billion attack on Bybit in 2025. The FBI attributed the attack to the North Korean group TraderTraitor and asked the industry to cooperate in blocking related addresses. Cooperating entities froze amounts estimated at between $2.7 and $3 billion.
How were Bitcoin and the ETFs affected?
The turmoil spilled over into both prices and Bitcoin ETFs, the exchange-traded funds that offer exposure to Bitcoin. Bitcoin fell more than 3%, briefly touching $76,000, while Ethereum and BNB also declined.
According to CoinGlass data cited by BeInCrypto, forced liquidations topped $628 million in one hour, mostly in positions betting on a rise. Meanwhile, Decrypt and The Block recorded outflows of about $643 million from US spot Bitcoin ETFs on Friday, the largest daily outflows since June 25, according to The Block.
What does it mean for users in Greece?
For users in Greece, the practical question is whether withdrawals work on the specific network they use, not just whether the exchange announced a restart in general. We see the coverage of the loss from the company’s own reserves as a positive, but we don’t lump compensation and security together. From here on, we are watching for the completion of the checks, the coverage of the remaining gap and whether the slowdown in withdrawals continues.