Binance resumes withdrawals in phases after $6 billion cyberattack
Binance, the world's largest cryptocurrency exchange, has begun restoring cryptocurrency withdrawals in phases following a cyberattack that resulted in the theft of approximately $6.3 billion in digital assets. The post Binance resumes withdrawals in phases after $6 billion cyberattack appeared first on Nairametrics .
Cryptocurrency exchange Binance announced on Sunday, November 1, 2026, that it had resumed cryptocurrency withdrawals in phases after suffering a massive $6.3 billion cyberattack. The exchange disclosed the news in a security incident recovery update on its official X account. The FBI has linked the attack to North Korean hackers, deeming it the largest cryptocurrency heist in history, surpassing the $1.5 billion Bybit hack from February 2025.
Binance began the initial withdrawal phase between 06:00 and 09:00 GMT on the day following a thorough security assessment and precautionary measures. The first phase covers 15 blockchain network groups, with withdrawals gradually becoming available for multiple cryptocurrencies such as Bitcoin, Ether, BNB, Solana, XRP, and Dogecoin. Additionally, the largest stablecoins, Tether's USDT and Circle's USDC, are included across supported networks.
Binance explained that the restoration of withdrawals would be contingent on user demand and security checks instead of opening all services simultaneously. The company also warned that users might face temporary delays or longer processing times due to the increased traffic during the rollout. Users experiencing failed withdrawals were advised to try again after a short while, and to continue monitoring network and platform performance.
The cyberattack transpired on Thursday, October 29, when hackers infiltrated Binance's hot wallets, executing unauthorized withdrawals totaling $6.3 billion. The breach reportedly stemmed from a compromised DevOps engineer's laptop, which allowed the attacker to access a service container and submit unauthorized withdrawal transactions.
This incident prompted an industry-wide response, with Binance and other cryptocurrency companies collaborating with blockchain intelligence firms, law enforcement agencies, and asset issuers to trace and freeze the stolen funds.
The magnitude of the Binance assault surpasses the February 2025 Bybit attack, in which approximately $1.5 billion was stolen. The FBI attributed both incidents to North Korean hackers. When compared to other significant cryptocurrency thefts in recent years, the scale of the Binance breach becomes even more apparent. For Nigerian users, the attack coincides with Binance's regulatory challenges in the country.
Although users can still access Binance accounts in Nigeria, the exchange suspended its services related to the Nigerian naira in March 2024, including naira deposits, withdrawals, and trading pairs. Recently, Nairametrics reported on April 18, 2026, that the Central Bank of Nigeria (CBN) concluded its testimony against Binance in ongoing legal proceedings, maintaining that the exchange conducted "hidden operations" in Nigeria without authorization.
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