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# Binance Hack Update: Withdrawals Are Back and 95% of the US$6.3 Billion Is Covered
- URL: https://blog.fizen.io/binance-reopens-withdrawals-95-percent-covered-2026/
- Published: 2026-11-02T01:42:49.000Z
- Updated: 2026-11-02T01:42:49.000Z
- Description: Three days after the biggest crypto theft on record, Binance reopened withdrawals, says it has covered 95% of the loss from its own funds, and saw 2.1% of assets leave. Here is what changed since Thursday night and what is still unanswered.
- Author: Quinn Dao
- Tags: Crypto News

**Quick answer:** Binance reopened withdrawals in phases from 06:00 UTC on 1 November 2026, and by 12:36 UTC all 15 networks and assets in the first phase were live again. The exchange says it has covered about 95% of the roughly US$6.3 billion stolen on 29 October using its own funds, including its SAFU reserve, while about US$3 billion stays frozen. Users pulled a net US$3.64 billion in the first day, about 2.1% of its assets, and the theft has been attributed to North Korea's TraderTraitor group.

**Key takeaways**

- **Withdrawals are back.** Binance restored them in phases from 1 November, starting with BTC, ETH, USDT, USDC, BNB and XRP on the busiest networks.
- **95% covered.** Binance says company funds, including SAFU, now cover about 95% of the impact. The last 5% is less liquid tokens it is still buying.
- **Users mostly stayed.** Net outflows were US$3.64 billion on day one, 2.1% of assets. CZ wrote that "98% choose to stay".
- **North Korea named.** Blockchain analysts TRM Labs and Chainalysis tie the theft to TraderTraitor, and CNBC reported the FBI attributed it to the same group.
- **Still missing:** a full technical post-mortem and the full proof-of-reserves report Binance has promised.

On Thursday night we covered [the Binance hack](https://blog.fizen.io/binance-hack-6-3-billion-tether-circle-freeze-2026/) as it happened. Three days later the picture is clearer: the exchange is open again, most of the hole is filled, and the attacker has a name. Here is what changed, checked against Binance's own posts and reporting by CoinDesk and CNBC, as of 2 November 2026.

## Can you withdraw from Binance again?

Yes, for most major assets. Binance began restoring withdrawals in phases at 06:00 UTC on 1 November, starting with bitcoin, ether, USDT, USDC, BNB and XRP on the most requested networks. In [an update on X](https://x.com/binance/status/2116926305254133892?ref=blog.fizen.io), Binance said that by 12:36 UTC withdrawals had resumed for all 15 networks and assets in the first phase, and that volumes declined and stabilised after an initial spike.

> Binance began restoring withdrawals in phases at 06:00 UTC on November 1, 2026\. By 12:36 UTC, withdrawals had resumed for all 15 networks and assets in the initial phase. After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit… [pic.twitter.com/ZSnYGCTp9d](https://t.co/ZSnYGCTp9d?ref=blog.fizen.io)
> 
> — Binance (@binance) [November 1, 2026](https://x.com/binance/status/2116926305254133892?ref%5Fsrc=twsrc%5Etfw&ref=blog.fizen.io)

Later phases depend on each blockchain passing its own security and stability checks, and Binance has not given dates for them, CoinDesk reported. If a token you hold is not yet open, check Binance's official withdrawal updates rather than third-party channels.

## How did Binance cover the loss?

From its own balance sheet. A Binance spokesperson told CoinDesk the exchange "will bear the financial impact of the stolen funds" and has covered about 95% of the impacted amount, up from 90% in its previous update, using company funds including its Secure Asset Fund for Users (SAFU). The remaining 5% is tokens outside the top ten, which Binance says it is buying through market and OTC channels because they are less liquid.

- **Fully backed balances:** Binance says BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC balances are 100% backed and can be checked on its proof-of-reserves page.
- **Still frozen:** about US$3 billion, mostly USDT and USDC frozen by Tether and Circle. Frozen is not the same as recovered.
- **What TRM Labs counted as stolen:** 18,270 BTC (about US$1.47 billion), 200,630 ETH, 1.875 billion USDT and 823 million USDC on Ethereum, plus XRP, SOL and USDT on other chains.

## Did users leave Binance after the hack?

Some did, fewer than many expected. Binance processed US$4.65 billion in withdrawals and US$1.01 billion in deposits between 06:00 and 15:30 UTC on 1 November, a net outflow of US$3.64 billion, CNBC reported. Against US$171 billion in total assets on its 28 October proof of reserves, that is about 2.1%.

> 12 hours after withdrawals resumed: 2.1% net outflow, with most occurring in the first couple of hours. Over $1 billion in flow, too.  
>  
> 98% choose to stay!  
>  
> Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times.  
>  
> Thank you for your trust!… [https://t.co/r3f6s9c2fy](https://t.co/r3f6s9c2fy?ref=blog.fizen.io)
> 
> — CZ 🔶 BNB (@cz\_binance) [November 1, 2026](https://x.com/cz%5Fbinance/status/2116954044988354798?ref%5Fsrc=twsrc%5Etfw&ref=blog.fizen.io)

Co-founder Changpeng Zhao [wrote on X](https://x.com/cz%5Fbinance/status/2116954044988354798?ref=blog.fizen.io) that "98% choose to stay", adding that trust is earned by what you do in hard times.

## Who was behind the Binance hack?

North Korea, according to the investigators. Blockchain analytics firms TRM Labs and Chainalysis attributed the theft to TraderTraitor, a North Korean group also tracked as Lazarus, and CNBC reported that the FBI identified the operation as TraderTraitor. We could not find a formal FBI or IC3 notice on the Binance theft as of 2 November. The same group was blamed by the FBI for the US$1.5 billion Bybit hack in February 2025.

The technical cause is still under investigation. Binance's first finding pointed to a compromised DevOps engineer's laptop that reached a service container and submitted unauthorized withdrawals, with no private key leaked. A full post-mortem has been promised but not yet published.

## What should you do now?

- **Binance users:** your balances are covered according to Binance. Withdraw only if you planned to, and use the official app or binance.com, never a link from a message.
- **Watch for phishing.** Fake "compensation", "airdrop" and "verify your account after the hack" pages are already circulating after every big theft. No exchange or wallet will ask for your recovery phrase.
- **Fizen wallet users:** nothing changes. The Fizen wallet is non-custodial, so your funds sit at your own address under your own keys and were never on Binance.

The bigger lesson has not changed since Thursday. Binance could cover US$6 billion because it is one of the richest companies in crypto; most platforms could not. Fizen is building the stablecoin neobank for people on the move on a self-custody wallet: you hold your keys and your USDT, and the same app gets you online abroad with a travel eSIM in 150+ countries. Read [how the Fizen wallet works](https://blog.fizen.io/fizen-wallet-what-it-is-how-it-works/).

## Frequently asked questions

#### Are Binance withdrawals working again?

Yes. Binance restored withdrawals in phases from 06:00 UTC on 1 November 2026, and all 15 networks and assets in the first phase were live by 12:36 UTC. Other assets reopen as each chain passes security checks.

#### Did Binance users lose money in the hack?

Binance says no. It says it has covered about 95% of the US$6.3 billion impact from its own funds, including SAFU, and is buying the remaining less liquid tokens.

#### How much money left Binance after the hack?

Binance reported US$4.65 billion in withdrawals and US$1.01 billion in deposits on 1 November, a net outflow of US$3.64 billion or about 2.1% of its assets.

#### Who hacked Binance?

Blockchain analysts TRM Labs and Chainalysis attribute the theft to North Korea's TraderTraitor group, and CNBC reported the FBI identified the same group.

#### Is the Fizen wallet affected by the Binance hack?

No. The Fizen wallet is non-custodial, so funds sit at your own wallet address under your keys and were never held on Binance.

![](https://storage.ghost.io/c/04/ee/04eee3a6-7d95-474c-80a5-48f84338363b/content/images/2026/11/binance-reopens-withdrawals-95-percent-covered-2026.png) 

#### Your keys, your stablecoins

Fizen is a self-custody wallet: you hold the keys to your USDT, not an exchange. The same app gets you online abroad with a travel eSIM in 150+ countries.

[Get the Fizen app](https://link.fizen.io/s/B3Aenpj7fz?ref=blog.fizen.io) 

### Terms and conditions

- **Information only.** This article summarises a developing news story from public statements and news reports as of 2 November 2026\. Figures may change. It is not financial, legal, tax or investment advice, and not an offer or sale of any product.
- **For readers in the United States.** This is information only, not an offer or sale, and not advice. Fizen products and services are not offered to US Persons.
- **Independent, with one disclosure.** Fizen is not affiliated with Binance or the other companies named here. Tether has made a strategic investment in Fizen. Facts are as stated in the sources listed below.
- **Image.** Banner uses the Binance logo (Wikimedia Commons, public domain) for news identification. Binance is a trademark of its owner.

### Sources

- [Binance on X, withdrawals restored for all 15 first-phase networks, 1 November 2026](https://x.com/binance/status/2116926305254133892?ref=blog.fizen.io)
- [Binance on X, phased withdrawal restart, 1 November 2026](https://x.com/binance/status/2116744986096292263?ref=blog.fizen.io)
- [Changpeng Zhao on X, "98% choose to stay", 1 November 2026](https://x.com/cz%5Fbinance/status/2116954044988354798?ref=blog.fizen.io)
- [CoinDesk, Binance opens crypto withdrawals in phases starting with bitcoin, 1 November 2026](https://www.coindesk.com/markets/2026/11/01/binance-opens-crypto-withdrawals-in-phases-starting-with-bitcoin-following-usd6-3-billion-hack?ref=blog.fizen.io)
- [CNBC, Binance sees US$3.64 billion in net outflows as withdrawals resume, 2 November 2026](https://www.cnbc.com/2026/11/02/binance-outflow-hack-bitcoin.html?ref=blog.fizen.io)
- [CNBC, Binance resumes withdrawals, says 90% of stolen user assets are covered, 31 October 2026](https://www.cnbc.com/2026/10/31/binance-hack-asset-coverage-withdrawals.html?ref=blog.fizen.io)
- [CNN, Binance withdrawals resume following US$6 billion hack, 1 November 2026](https://www.cnn.com/2026/11/01/business/binance-withdrawals-crypto-heist?ref=blog.fizen.io)
- [FBI IC3, North Korea responsible for US$1.5 billion Bybit hack (PSA, February 2025)](https://www.ic3.gov/psa/2025/psa250226?ref=blog.fizen.io)

Developing story. Checked against Binance's posts, CoinDesk, CNBC and CNN on 2 November 2026.

### Related reading

- [Binance hack: what happened](https://blog.fizen.io/binance-hack-6-3-billion-tether-circle-freeze-2026/)
- [Google's MPC custody for banks](https://blog.fizen.io/google-cloud-mpc-crypto-custody-banks-2026/)
- [How the Fizen wallet works](https://blog.fizen.io/fizen-wallet-what-it-is-how-it-works/)
- [Why Tether invests in self-custody](https://blog.fizen.io/why-tether-invests-stablecoin-utility-self-custody-2026/)