Binance has begun restoring withdrawal services for several key networks—BSC, Ethereum, Base, and Arbitrum—following a major security breach that compromised its hot wallets and resulted in the loss of approximately $6.3 billion in token assets. The resumption, announced via Binance’s official channels on November 9, 2026, marks a phased return to normal operations after withdrawals were temporarily suspended during an urgent security review.
The incident traces back to October 29, 2026 at around 20:05 UTC, when unauthorized withdrawals drained hot wallets. In a security update signed by Co-CEOs Yi and Richard, Binance said it would absorb the financial impact of the stolen funds through its Secure Asset Fund for Users (SAFU) and corporate treasury, rather than passing losses to users. The company set aside more than $6.34 billion, including $5 billion in the exact impacted token assets such as USDC, USDT, BTC, ETH, and BNB, covering approximately 80% of the stolen amount. It has also been purchasing the remaining affected assets through market and over-the-counter channels.
Binance reported that roughly $3 billion has been frozen on-chain through cooperation with law enforcement, blockchain intelligence firms, asset issuers, and industry partners. The exchange contained the compromised infrastructure, revoked affected authorizations, and strengthened security checks. While the initial investigation suggested a compromised laptop may have been involved, subsequent findings uncovered additional breach points, though no evidence indicates that wallet private keys were leaked.
As part of its recovery plan, Binance targeted resuming withdrawals within about 34 hours of the update, using a phased approach while completing security checks. It also planned an initial proof-of-reserves snapshot within 12 hours, with results expected by Monday, November 2, 2026, and committed to publishing a full post-mortem technical report. By November 9, the exchange confirmed that withdrawals for BSC, ETH, Base, and Arbitrum were live, with additional assets and networks to be restored in phases.
The event has drawn significant attention across social media and markets, as traders assess the impact on liquidity, exchange solvency, and broader crypto sentiment. Binance’s pledge to cover losses and resume services is intended to reassure users, but the scale of the breach remains one of the largest security incidents in crypto exchange history.
