Binance has announced plans to resume withdrawal services in phases following a security breach that affected approximately $6.3 billion worth of cryptocurrency assets. In an update published on October 30, the exchange said it was targeting the restoration of withdrawals within approximately 34 hours, subject to the completion of security checks and infrastructure reviews. The suspension was introduced after unauthorised withdrawals from compromised hot wallets, prompting the company to temporarily restrict withdrawal services while investigating the incident. Binance said deposits and other unaffected platform services remained operational during the response. The planned restoration is intended to take place gradually rather than through an immediate return to normal operations, with additional security checks determining when withdrawal functionality becomes available to users.
The company initially suspected that a software engineer’s compromised laptop may have provided an entry point for attackers. However, its subsequent investigation identified additional points of breach, indicating that the incident involved a more complex sequence than initially understood. Binance said it had found no evidence that wallet private keys were leaked, while its technical teams continued examining the attack and working with external security specialists. The company has also revoked affected authorisations, contained compromised infrastructure and introduced additional controls to prevent further unauthorised activity. The investigation remains ongoing, and Binance has committed to publishing a technical post-mortem report explaining the incident, the methods used by attackers and the security measures being introduced in response.
Binance has said it will absorb the financial impact of the stolen assets rather than pass the losses on to customers. In its October 30 update, the exchange reported that it had set aside more than $6.34 billion in company funds through its Secure Asset Fund for Users (SAFU) and corporate treasury. This amount includes approximately $5 billion held in the same token assets affected by the incident, while the company is acquiring the remaining assets through market and over-the-counter channels. Binance also reported that approximately $3 billion in affected assets had been frozen on-chain through cooperation with law enforcement agencies, blockchain intelligence firms, token issuers and other industry partners. The exchange said it intends to publish an updated Proof of Reserves snapshot, with an initial report expected by November 2, 2026, to provide users with updated information about platform assets and customer balance backing.
The breach has drawn attention across the cryptocurrency industry because of its reported scale and the security implications for centralised exchanges. Blockchain intelligence firms have linked the attack to North Korea’s TraderTraitor hacking group, although Binance said investigations into the perpetrators were continuing. Stablecoin issuers and other industry participants have also contributed to efforts to freeze affected assets and limit further movement of funds. Binance’s response now centres on restoring withdrawals safely, recovering assets, verifying reserves and documenting the technical weaknesses that allowed the attack. The company has urged users to rely on its official communication channels for updates and remain cautious of fraudulent messages or requests for account information. The planned weekend restoration remains conditional on security checks, meaning users should consult Binance’s official announcements rather than assume that all withdrawal services have already resumed.
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