Binance Begins Phased Withdrawals After $6.3B Hack
Binance started processing phased withdrawals on Sunday after a $6.3 billion theft that the FBI has attributed to North Korea.
Updated on Nov. 2, 2026 in Cybersecurity
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Binance began phased withdrawals on Sunday, processing $4.65 billion against $1.01 billion in deposits for a net outflow of $3.64 billion. The exchange has covered around 95% of the $6.3 billion stolen in the attack.
Why it matters
The FBI formally attributed the theft to North Korea's TraderTraitor group, a development that places the breach within a broader pattern of state-linked cryptocurrency theft. Withdrawal pressure and the stolen-funds recovery effort have ripple effects across the wider crypto market.
Onchain analyst SomaXBT traced around $242 million of the stolen Binance funds through the Thorchain network, where RUNE fell 6.4%, the biggest loser in the CoinDesk 100. The full routing of the remaining stolen funds has not been disclosed.
The players
Binance
Binance is one of the world's largest cryptocurrency exchanges, and it is covering most of the stolen funds while processing withdrawals.
FBI
The Federal Bureau of Investigation is the U.S. federal agency that formally attributed the theft to North Korea's TraderTraitor group.
The details
Binance processed withdrawals in phases beginning Sunday, November 1, 2026, as it works to restore liquidity after the hack. Federal agencies including the FBI, Secret Service and IRS Criminal Investigation urged node operators to block addresses linked to the Binance hackers.
Timeline
Sunday, November 1, 2026: Binance begins phased withdrawals.
Friday, October 30, 2026: U.S. spot bitcoin ETFs lose $643 million.
Tuesday, November 3, 2026: U.S. midterm elections.
Under the Hood
The FBI's formal attribution of the $6.3 billion Binance theft to North Korea's TraderTraitor group places the incident within a documented pattern of state-linked cryptocurrency theft. Recovery efforts and node-operator blocking requests reflect the technical tools now used to contain such attacks.
Crypto holders using Binance may see withdrawals processed in phases rather than all at once. Bitcoin traded near $77,900 after a 0.4% decline, shaping the value of holdings during the recovery period.
The takeaway
Exchange users should expect staggered withdrawal timing while large stolen-fund recovery is ongoing, and should confirm withdrawal status directly with the platform. Monitoring official security advisories can help readers gauge the risk of similar attacks.
Further reading
Track more developments in Cybersecurity as investigators trace the stolen funds.
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