Binance resumes withdrawals after a $6‑billion hack and covers most stolen assets
On Oct. 29 Binance disclosed a security breach that stole roughly $6.3 billion from its hot wallets. The exchange halted withdrawals, then reopened them in phases on Nov. 1, covering about 95 % of the loss with its own funds. Binance also reported processing $4.65 billion in withdrawals and $1.01 billion in deposits during the first day of the restart.
Why it matters
The coverage of most stolen assets removes the immediate tail‑risk for Binance users and supports the price of the BNB token, which rose 1.39 % after withdrawals resumed. Investors can expect the exchange’s balance sheet to absorb the remaining 5 % of less‑liquid tokens, meaning no further direct user losses are expected.
Key facts
- 1The hack resulted in an estimated $6.3 billion loss from Binance’s hot wallets. finance.yahoo.com
- 2Binance covered approximately 95 % of the impacted amount, up from 90 % in a prior update. cryptonews.net
- 3Phase‑one of withdrawals resumed on Nov. 1 between 06:00 and 09:00 UTC, covering 15 networks including BTC, ETH and BNB. cryptonews.net
- 4BNB rose 1.39 % over 24 hours to $712.50 after withdrawals resumed. cryptonews.net
- 5BNB is still down 3.55 % over seven days, a larger weekly decline than Bitcoin’s 2.07 % and Ether’s 1.62 %. hokanews.com
- 6Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits on the first day of the restart. biz.chosun.com
Summary written by AlphAI AI Desk from 20 of 20 sources. Not investment advice. Figures are as stated by the linked sources.