Binance Reopens Withdrawals After Hack That Moved More Than $6 Billion

Overview

• Hackers executed a rapid operation that moved or attempted to move more than $6 billion from Binance wallets last Thursday, forcing the exchange to suspend withdrawals and deposits for about 48 hours.
• Binance began a phased restart of withdrawals on Nov. 1, prioritizing major tokens and networks after security checks and said it has recovered or set aside roughly 90–95% of the affected assets using corporate treasury funds and its emergency reserves.
• The FBI attributed the operation to TraderTraitor, a North Korean-linked group, and blockchain intelligence firms reported the attackers were converting stolen funds into Ethereum and routing value through DeFi services to launder proceeds.
• Customers pulled large sums after withdrawals reopened, with Binance reporting about $4.7 billion in net outflows as volumes spiked and then began to stabilize, while other exchanges placed precautionary holds on some activity.
• The episode has renewed concern about concentrated risk at major centralized exchanges, possible intrusion via an engineer’s compromised device, and the growing challenge of tracing crypto as attackers use cross-chain conversions and decentralized finance.