Binance resumes withdrawals following $6.3 billion breach
News Source
β’Sun, 01 Nov 2026 16:20:10 +0000
π° What Happened
Binance says it has started letting users take their money out again. The crypto exchange froze all deposits and withdrawals after hackers stole $6.3 billion from its wallets.
On Sunday the company said it has covered 95% of the stolen assets. It is still buying the rest, which are harder to source in large amounts. Binance said the losses will not be passed on to users.
Withdrawals are coming back in stages. Bitcoin is still only partly working, and Binance warned users to expect delays.
π The Backstory
Binance is one of the largest crypto exchanges in the world. It holds coins for millions of customers, so a freeze blocks people from moving their own money.
Crypto exchanges have been hacked many times before. Unlike banks, most are not insured, and customers often have no clear right to be repaid. Trust in an exchange can vanish in a single day.
This theft is far larger than most earlier exchange hacks, which makes the clean-up unusual.
π― Why It Matters
Millions of people keep savings on crypto exchanges. A freeze like this shows how fast access to your own money can disappear, even when the company promises to pay you back.
Binance says it has started letting users take their money out again. The crypto exchange froze all deposits and withdrawals after hackers stole $6.3 billion from its wallets.
On Sunday the company said it has covered 95% of the stolen assets. It is still buying the rest, which are harder to source in large amounts. Binance said the losses will not be passed on to users.
Withdrawals are coming back in stages. Bitcoin is still only partly working, and Binance warned users to expect delays.
Binance is one of the largest crypto exchanges in the world. It holds coins for millions of customers, so a freeze blocks people from moving their own money.
Crypto exchanges have been hacked many times before. Unlike banks, most are not insured, and customers often have no clear right to be repaid. Trust in an exchange can vanish in a single day.
This theft is far larger than most earlier exchange hacks, which makes the clean-up unusual.
Millions of people keep savings on crypto exchanges. A freeze like this shows how fast access to your own money can disappear, even when the company promises to pay you back.