Binance reopens withdrawals after hack: bitcoin first, 95% now covered
On November 1 Binance began restoring withdrawals in phases: the bitcoin network opened first, and its cover for the stolen funds rose to 95%.
Event: November 1, 2026
Primary source: November 1, 2026
Published here: November 1, 2026 at 08:57 AM UTC
Read: 2 min
What happened
Binance started phase one of withdrawals on November 1, in a window from 06:00 to 09:00 UTC. The bitcoin network opened first, AFP reports. The first wave covers 15 networks, including BTC, ETH, BSC, TRX, SOL, XRP and TON. Cover for the stolen funds rose to 95%, from 90% in the last update.
Why it matters to you
If your coins sit on Binance, you can take them out again, but not all at once. Networks reopen one by one, and withdrawals may be slow in the first hours. Binance still says it, not its users, takes the loss from the theft.
What to check and watch
Whether your network and coin are in the first wave: check the withdrawal page or the network status page on Binance. If a withdrawal fails, Binance says to try again a little later. Follow only Binance's official channels for updates. This is an overview, not advice.
Where it’s happening
LIVEDrag to spin. Green dots: the exchange is trading right now (regular hours, holidays not counted). Shadow: where it is night now. Borders: Natural Earth, quakes: USGS. Layer idea: God’s Eye View (MIT).
What happened. After the $6.3bn hack, Binance paused withdrawals. Early on November 1 it published its fourth recovery update: phase one of withdrawals starts on November 1 between 06:00 and 09:00 UTC. AFP, citing a Binance post on X, reported that the bitcoin network opened first.
What is in the first wave. 15 networks and these coins: BTC; ETH with USDT and USDC; BSC with BNB, USDT and USDC; TRX with USDT; SOL with USDT and USDC; XRP; ZEC; DOGE; TON with USDT and GRAM; Polygon with POL, USDT and USDC; Avalanche C-Chain with AVAX, USDT and USDC; Arbitrum with ETH, USDT, USDC and ARB; Base with ETH and USDC; Optimism with ETH, USDT and USDC; SUI. They switch on step by step, not all in the same minute.
Why in phases. Binance says it ranks networks by how much users wanted to withdraw over the past week, and runs security and stability checks before each one reopens. Other networks and coins will be added when ready. Deposits stayed open the whole time.
How much is covered. Now 95% of the stolen funds, up from 90% in the last update. The last 5% are coins outside the top ten: there is less of them on the market, so buying enough takes longer. Binance is buying them on the market and over the counter. BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC are fully backed, it says.
What comes next. Binance promises a post-incident report once the investigation is done. Bitcoin traded near $77,700 on Sunday, about 5% below its Thursday high before the attack, according to Investing.com.
For the bigger picture, see our investigation into how the money moved after the hack (freekonomist.com/investigations/binance-hack/).
Confirmed facts
- Binance set phase one of withdrawals for November 1, 2026, between 06:00 and 09:00 UTC.[1][2]
- According to AFP, citing a Binance post on X, the bitcoin network was the first to open in phase one.[2]
- The first wave covers 15 networks: BTC, ETH, BSC, TRX, SOL, XRP, ZEC, DOGE, TON, Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism and SUI.[1]
- Binance orders the networks by user withdrawal demand over the past week. Other networks will follow after checks.[1][2][3]
- Binance has covered about 95% of the stolen funds, up from about 90% in its last update. The rest are less liquid coins outside the top ten.[1]
- Deposits on Binance stayed open and were not affected by the incident.[1]
- Binance repeated that it, not its users, will absorb the financial impact of the theft.[1][2]
- Bitcoin traded near $77,700 on Sunday, about 5% below its Thursday high before the attack.[3]
Implications
- ConfirmedHolders of BTC, ETH, USDT and other first-wave coins can withdraw from Binance again.
- ConfirmedWithdrawals may be delayed in the first hours; Binance itself warns about this.
- Our readingHolders of coins outside the first wave will likely wait longer. This is our reading.
- Our readingOnce withdrawals reopen, some users may move funds to other exchanges or their own wallets. This is our reading.
Still unknown
- When phase two opens and which networks it includes
- Exactly which coins make up the uncovered 5%
- Whether there are limits on withdrawal amounts
- When the post-incident report will be published
Who it affects
World. People who hold coins on Binance, and anyone following crypto exchange security
Sources
- Binance: Security Incident | Recovery Update #4: Withdrawals Resume in Phases (2026-11-01) November 1, 2026 · official
- AFP: Binance says resuming withdrawals after major hack November 1, 2026 · media
- Investing.com: Binance to resume crypto withdrawals in phases after record $6 billion hack November 1, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
More stories
Vietnam trade tops $1 trillion for the first time, in 10 months
Vietnam trade in goods passed $1 trillion for the first time: by October 29, 2026, customs says, almost two months before the year ends.
Macau casino revenue falls 10% in October, a fifth monthly drop in a row
Macau's gross casino revenue fell 10% from a year earlier in October, to 21.68 billion patacas, even though more visitors came during China's holiday week.
Hryvnia exchange rate: NBU sold a record $6 billion in October
Exchange rate of the hryvnia in October: the central bank held it up by selling $5.998 billion, more than in any month before.
Morning brief by email
The night's key moves and what matters today, in 2 minutes. One-click unsubscribe.