Binance reopens withdrawals after $6.3B hack: what to do now
Binance has restarted withdrawals in phases and says users won't bear the loss from its record hack. What's open, the delays, and steps for Indian users.
- Checked against the rules: Nov 2026
- Sources cited · No buy or sell calls
What happened
On 29 October, attackers drained about $6.3 billion from Binance's hot wallets across several blockchains, the largest crypto theft on record. Binance paused withdrawals while it contained the attack. The FBI has since attributed it to North Korea. Our first report on the hack.
Where things stand
- Coverage: Binance said it covered about 80% of the loss, then 90%, and by 1 November about 95%, using company reserves including its SAFU fund. It says users will not bear the loss.
- Withdrawals: reopened in phases from 1 November, starting with the Bitcoin network, then major assets like ETH, USDT, BNB, SOL and XRP on selected networks. More assets and networks are being added as security checks finish.
- Delays: Binance has warned of longer processing times because of heavy demand. Reports say users withdrew billions more than they deposited after reopening.
- Deposits weren't affected, according to Binance.
What Indian users should do now
- Check Binance's official channels for which assets and networks are open. Ignore "support" messages on Telegram or WhatsApp; scammers target users after every big hack.
- Don't rush to withdraw on the wrong network. Confirm the network matches your destination. Networks explained.
- Consider how much you keep on any exchange. Long-term holdings are safer in a wallet you control.
- If you trade P2P to move money in or out, be aware of bank account freeze risks.
Tax
If your balances are restored, there's no sale and no tax event. Moving coins to your own wallet isn't taxable either. See how Binance compares on our exchange page.
Sources
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