Binance sees nearly $3.8 billion withdrawn in 10 hours after reopening

Binance saw users withdraw nearly $3.8 billion in about 10 hours after the exchange restarted withdrawals on November 1, 2026, following an October 29 hot-wallet security breach. Withdrawals had been frozen immediately after the breach, in which attackers drained roughly $6.3 billion from Binance’s hot wallets. The article notes that hot wallets are internet-connected, making them convenient but also vulnerable targets, unlike cold wallets which remain offline. Binance previously worked with stablecoin issuers Tether and Circle to freeze affected assets at the contract level and said there was no leakage of private keys and that deposits were unaffected. Binance says losses will be covered using SAFU, futures insurance and corporate treasury, and that it replenished around 95% of affected assets by early November.