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# Binance aims to reopen withdrawals by Sunday
- URL: https://www.bushletter.com/binance-says-withdrawals-will-return-within-48-hours/
- Published: 2026-10-30T21:45:00.000Z
- Updated: 2026-10-30T21:44:59.000Z
- Description: Binance has set aside more than US$6.34 billion to cover hack losses and expects to restore withdrawals before its Sunday deadline.
- Author: Bushletter Newsroom
- Tags: Technology, Finance

TLDR

Binance expects to restore withdrawals before its Sunday deadline and publish a full reserves report by Monday. It has set aside more than US$6.34 billion to cover the record hack, and investigators continue to point to North Korea.

KEY TAKEAWAYS

01Co-CEO Richard Teng said withdrawals should return before the Sunday deadline; deposits are running normally.

02Binance has set aside more than US$6.34 billion, US$5 billion of it already in the stolen tokens.

03About US$3 billion of the stolen funds remains frozen.

04Binance found additional points of breach beyond an engineer's laptop.

05Chainalysis and TRM Labs point to North Korea's TraderTraitor group.

Binance aims to reopen withdrawals before a Sunday deadline and has set aside more than US$6.34 billion to cover losses from the biggest crypto theft on record.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

Co-chief executive Richard Teng said on Friday the exchange hoped to restore withdrawals within 40 hours and would publish a full proof-of-reserves report by Monday. Deposits are running normally.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

US$5 billion of the money set aside is already held in the same tokens the attackers took. Binance said it was buying the rest on markets and through over-the-counter trades, and that some purchases could take longer because of thin liquidity.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

About US$3 billion of the stolen funds remains frozen.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

## More than a laptop

Binance first pointed to a compromised engineer's laptop. It has since uncovered "additional points of breach".[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

Mr Teng said the incident involved "a more complex attack process" than a single "one-click" action. He said the attacker used a "self-destruct mechanism" to destroy tools and traces, which has complicated the investigation.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

"Our investigation has not attributed responsibility to any individual," he wrote.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

## Investigators point to North Korea

Chainalysis chief executive Jonathan Levin said the attack was likely the work of TraderTraitor, a North Korean hacking group. He put the theft at US$6.4 billion, slightly above Binance's estimate of US$6.3 billion.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

On-chain investigator ZachXBT said money from the Binance attack and an earlier exploit at the exchange Bitget had been mixed in the same address.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

"This indicates the same actor is likely behind both incidents," he said.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

The FBI has named TraderTraitor as the group behind the US$1.5 billion Bybit hack in February 2025.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)[\[2\]](https://www.abc.net.au/news/2026-10-30/largest-cryptocurrency-hack-billions-stolen-binance/107327732?ref=bushletter.com) Binance is working with the FBI to recover funds, according to a source familiar with the matter.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

Chainalysis said the attackers appeared to be using automation to move the money through thousands of transactions.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

"Our investigators are observing never-seen-before laundering patterns with the stolen funds from the Binance exploit," the company said.[\[1\]](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)

SOURCES & CITATIONS

1. [Cointelegraph: As it happened: Binance's record $6.3B crypto hack](https://www.tradingview.com/news/cointelegraph:3a8f5c45b094b:0-as-it-happened-binance-s-record-6-3b-crypto-hack/?ref=bushletter.com)
2. [ABC News: Billions stolen as Binance targeted in largest cryptocurrency hack in history](https://www.abc.net.au/news/2026-10-30/largest-cryptocurrency-hack-billions-stolen-binance/107327732?ref=bushletter.com)

FREQUENTLY ASKED QUESTIONS

When will Binance withdrawals resume?

Co-CEO Richard Teng said Binance hoped to restore withdrawals before its Sunday deadline. Deposits are running normally.

Will Binance customers lose money?

Binance said it will cover all losses and has set aside more than US$6.34 billion in company funds, US$5 billion of it already held in the stolen tokens.

Who is behind the Binance hack?

Binance has not attributed the attack. Chainalysis and TRM Labs point to TraderTraitor, a North Korean hacking group.