Binance sees nearly $3.8 billion withdrawn in 10 hours after reopening

Users moved funds off the exchange quickly once withdrawals resumed following the October hot wallet breach The outflow came after Binance began a phased restart of withdrawals on November 1, 2026. Withdrawals had been frozen since an October 29 security breach that drained approximately $6.3 billion from the exchange’s hot wallets. On October 29, attackers emptied Binance hot wallets of approximately $6.3 billion. The incident is widely seen as the largest theft in crypto history. A quick primer: a hot wallet is connected to the internet so an exchange can process withdrawals quickly. A cold wallet stays offline. Hot wallets offer convenience, but that connectivity is also what makes them a target. Binance paused all withdrawals the same day.

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