Binance reopens withdrawals as $4.72bn leaves after hack

Binance has resumed withdrawals after a hack that the exchange says took about $6.3 billion in crypto from its hot wallets, while customers withdrew a net $4.72 billion after access returned. The outflow makes the exchange’s security response and ability to restore normal service central to the story. Binance’s October 30 incident update says the unauthorized withdrawals began around 20:05 UTC on October 29.

How did the attackers move the funds?

They moved assets from Binance hot wallets, the internet-connected wallets used to support transfers. Binance says its initial investigation pointed to a possibly compromised laptop, but later work found additional points of breach; it said it had found no evidence that wallet private keys were leaked. The full attack sequence remains under investigation.

Blockchain analysis firm TRM, cited by the Associated Press report on the hack, estimated that an attacker moved about $6.36 billion from Binance wallets across ten blockchains, most of it in roughly 20 minutes. Binance says it worked with law enforcement, blockchain intelligence firms, asset issuers and industry partners to trace and freeze affected assets. Its October 30 update put the amount frozen on-chain at about $3 billion.

What did Binance suspend, and why?

Binance suspended withdrawals while it reviewed security and checked affected systems; it did not report a halt to all trading. The company said deposits and other unaffected platform services remained operational. A withdrawal pause blocks users from moving assets out while the exchange checks that its systems can safely authorize transfers—like closing an exit while checking the locks.

Reuters reported on November 2 that the suspension lasted about 48 hours and was lifted on Sunday morning. Access remains partial: withdrawals had resumed for bitcoin on the Bitcoin network and ether and some dollar stablecoins on Ethereum, while most cryptocurrencies were still listed as partially suspended. Binance also restored US dollar cash withdrawals on Monday.

How much has left, and what happens next?

Customers withdrew a net $4.72 billion after withdrawals resumed, about 2.8% of the assets on Binance’s platform, according to the Reuters report. Binance says it will cover the stolen funds and has set aside more than $6.34 billion, including $5 billion in the affected tokens. The exchange also said it was buying the remaining relevant assets.

Binance has said it plans to publish a technical postmortem and a proof-of-reserves snapshot. The next concrete markers are the completion of security checks, the restoration of remaining withdrawal routes and the publication of those reports. The confirmed change so far is that withdrawals have restarted in stages; how quickly full access returns remains to be seen.

References

• Binance’s October 30 incident update — binance.com
• Associated Press report on the hack — apnews.com