Binance Just Reopened Bitcoin Withdrawals After the $6.3B Hack — Here's What Phase One Means

Photo: Satheesh Sankaran / Wikimedia Commons (CC BY 2.0)

In 60 seconds: Binance has reopened Bitcoin withdrawals, the first step in its phased restart after the October 29 hack that drained about $6.3 billion. Other tokens are still waiting their turn — and the real test, a full proof-of-reserves report, lands November 3.

Three days after the biggest crypto heist on record, Binance users got their first real piece of good news. Bitcoin withdrawals are open again — not for everyone all at once, and not for every token, but the door that slammed shut on October 29 has started to reopen.

Here's the thing: this isn't a full return to normal. It's phase one of a careful, staged restart, and how it goes will decide how fast everything else comes back.

What happened

On October 29, 2026, attackers drained roughly $6.3 billion from Binance's hot wallets across about ten blockchains, in an attack that took around 20 minutes. Binance froze withdrawals within hours and promised customers would not bear the losses.

On October 31, the FBI pointed the finger at North Korea-linked hackers, confirming what private investigators had suspected: a Pyongyang-affiliated group called TraderTraitor was behind the theft. The same day, Binance said it had replenished about 90% of the stolen funds and fully backed ten major tokens, with more than $6.34 billion of company money set aside to cover the damage.

Then, on Sunday, November 1, came the moment users had been waiting for. "First batch network now opened in phase one of withdrawals is $BTC bitcoin network," Binance posted on X.

Latest verified facts

The phase-one window was set for 0600 to 0900 GMT on Sunday — 11:30 a.m. to 2:30 p.m. IST. Binance had told users in advance to expect a phased approach, and it repeated the logic in its update: "We are taking a phased approach by prioritising tokens based on the past week data of user demand, so that each network and asset pair can be restored carefully, with stability and security checks completed before access is reopened."

In plain English: the most in-demand tokens go first, and nothing reopens until its checks pass. Bitcoin, the most widely held asset on the exchange, was the obvious first batch.

Binance also repeated its core promise on X: "User funds remain safe. Binance will absorb the financial impact of the stolen funds, not our users." The company had earlier said the attack hit its own hot wallets, not customer funds directly.

Read our earlier coverage: the phased reopening plan and the FBI's North Korea attribution.

Why it matters

For Binance's millions of users, this is the difference between a promise and proof. Saying "your money is safe" is one thing. Letting people actually move their Bitcoin out is another — it's the first time since Thursday that the exchange's word has been tested against its systems.

It matters for a second reason too. The phased design is a deliberate trade-off: slower for users holding less popular tokens, but safer for everyone if a rushed reopening lets something slip through.

And there's a warning baked into this moment. Reopening windows are prime hunting season for scammers, who flood social media with fake "withdraw now" links. Binance's own guidance is blunt: use only its official app, website, and announcements.

Impact on the USA and the world

The American angle here isn't just about traders. The FBI's TraderTraitor attribution turns a corporate security failure into a national-security story: North Korea's hacking operation has long been accused of funding its weapons program with stolen crypto, and this heist — believed to be the largest ever — is now Exhibit A.

For US users, the practical stakes are immediate. Binance is the world's largest exchange by daily trading volume, and a smooth phased reopening calms a market that dropped sharply on Friday; a stumble would do the opposite.

Globally, regulators will be watching the same thing: whether the biggest exchange in the business can prove, with real numbers rather than reassurances, that customer balances are fully backed after a breach of this size.

What happens next

The calendar from here is short. Binance is expected to publish its full proof-of-reserves report on November 3 — the document that shows, in public, whether it truly holds enough crypto to cover every customer balance.

Between now and then, expect the next phases to roll out token by token, in order of user demand, each gated on its own security checks. If a phase slips, that delay is worth noting but not panicking over — a postponed reopening is a safety measure, not a new crisis.

Our take: phase one going live is genuinely good news, but it's the opening act, not the finale. The story ends when the November 3 report lands and the remaining less-liquid tokens are fully backed and withdrawable.

Frequently asked questions

Can I withdraw Bitcoin from Binance now? Binance opened the Bitcoin network in phase one on November 1, within its announced 0600–0900 GMT window, subject to its security checks.

What about other tokens? They reopen in phases, prioritized by past-week user demand, with stability and security checks before each network is restored.

Will users lose money from the hack? Binance says no — it has set aside more than $6.34 billion in company funds and says it will absorb the impact, not its users.

When is the full proof-of-reserves report due? November 3, according to Binance's stated timeline.

Sources

• Binance on X — phase-one Bitcoin withdrawal announcement, November 1, 2026
• AFP via Malay Mail — "Binance resumes Bitcoin withdrawals following record US$6.3b crypto hack," November 1, 2026
• FBI statement on TraderTraitor attribution, October 31, 2026 (via Senate Wire's earlier coverage)
• Binance October 31 update — ~90% replenished, $6.34 billion set aside, November 3 proof-of-reserves timeline