Binance to resume customer withdrawals in phases from Nov 1 after hack
Phase one of withdrawals will start from 2 pm to 5 pm Singapore time
[NEW YORK] Binance said it would resume withdrawals in phases on Sunday (Nov 1), two days after hackers attempted to drain more than US$6 billion from the crypto exchange in the biggest cyber theft ever recorded.
The world’s largest digital asset platform halted the transactions on Friday morning in Asia after the breach was disclosed. Phase one of withdrawals would begin from 2 pm to 5 pm Singapore time, the company said in a notice.
The US Federal Bureau of Investigations said on Saturday that North Korea was responsible for the attempt. The breach was tied to TraderTraitor, an elite North Korean hacking unit that the FBI previously blamed for a 2025 attack of the Bybit exchange, which was the largest crypto heist until Binance.
Prices of most major cryptocurrencies were little changed, suggesting a renewal of investor confidence after Binance pledged to cover all losses.
Bitcoin, which accounts for about 60 per cent of the sector’s entire market value, was trading at around US$77,700, about 1.4 per cent below its price before the attack.
The exchange is able to cover the losses as a result of its ongoing investment of revenue into cryptocurrencies, Binance co-chief executive officer Richard Teng said in a video posted on social media on Friday.
Yi He, who is co-CEO, said Binance’s revenue for 2026 would completely cover the amount lost. BLOOMBERG
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