Binance targets full reopening of withdrawals by next week

Binance announced its plans to fully reopen withdrawals on all remaining networks and assets by the end of next week, following a security breach that resulted in the theft of US$6.3 billion from the platform in October. The company had previously resumed withdrawals in phases earlier in November, after recovering 95% of the stolen tokens.

Binance suspects North Korea, a group called "TraderTraitor", of orchestrating the hack, though Pyongyang has denied involvement. The theft has exposed the vulnerabilities of digital assets and raised concerns about the impact on Binance, which has promised to reimburse customers fully. In the days following the hack, cryptocurrencies experienced significant drops, with Bitcoin falling to a four-month low and Ether experiencing an 8% decrease.

Other factors contributing to the crypto market's turmoil include higher interest rate expectations, large outflows from US spot Bitcoin ETFs, an AI-driven risk-off sentiment, and the ongoing aftermath of the Binance hack. Bitcoin has lost approximately 25% since October 21 and hit its lowest price since July 1 in 2026, which was US$57,742.

Liquidation events, where significant amounts of crypto positions are wiped out in a single day, are becoming more frequent due to the market's volatility. In the 24 hours leading up to November 15, about US$2 billion in liquidations occurred, with the majority stemming from long Bitcoin and Ether positions. Additionally, US-listed spot Bitcoin ETFs experienced a net outflow of nearly US$3 billion from October 30 to November 13, raising questions about the role of crypto as a short-term funding source, particularly for retail investors, amid macroeconomic headwinds.