Binance resumes withdrawals after record hack of about $6.3bn

Binance, the world's largest cryptocurrency exchange, has been hit by a hack that the industry regards as the biggest in the market's history. According to the exchange and analysts, assets worth about $6.3bn were involved. On Sunday 1 November 2026, Binance announced that some customers could withdraw funds again.

How the attack happened

According to analytics firm TRM Labs, the attackers took control of Binance's "authorisation infrastructure", which is used to approve transactions. Binance wallets across 10 blockchain networks were taken over, and most of the funds were moved out in about 20 minutes.

The exchange's preliminary findings point to a compromised laptop belonging to one of its engineers as the entry point. This gave the attackers access to its systems and allowed unauthorised withdrawals. The exchange froze withdrawals after the incident.

Who is behind the break-in

Analysts at TRM Labs and Chainalysis point to hackers from North Korea. TRM said some features of the attack resemble earlier thefts linked to that country, including the 2025 break-in at the Bybit exchange, which the FBI attributed to Pyongyang. The firm said it holds this view with high confidence. It is the analysts' assessment, not an official finding by investigators.

Losses and the exchange's response

Binance said that, together with partners, it had frozen assets worth about $3bn. The exchange did not explain what happened to the remaining roughly $3.3bn. Binance co-founder Yi He pledged that the company would cover all losses resulting from the hack. The exchange also has a safeguard fund, SAFU, held in bitcoin.

On Saturday 31 October 2026, Binance said in a statement on X that it had restored 90% of the stolen assets. On Sunday it said user funds were safe, but warned of "temporary delays" in withdrawals because of the high volume of transactions.

Market reaction

News of the attack hit prices. Bitcoin fell to about $76,368, its lowest level in six weeks, and ether dropped by more than 3%.

What this means for you

Binance is used around the world, so people who hold cryptocurrency on the exchange may have experienced delays in withdrawals. The exchange says customer funds are safe and that it will cover the losses. However, the sources we used do not describe any effects specific to users in the UK.