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Binance Resumes Withdrawals After $6.36 Billion Hack, OKX Sees Major Inflows
Binance has reopened crypto withdrawals in a phased manner after experiencing the largest theft in the history of the cryptocurrency industry. The exchange paused all withdrawals on October 29, 2026, when an attacker managed to siphon off approximately $6.36 billion across ten blockchains in just about 20 minutes.
According to Binance, the company has covered around 95% of the affected amount using its own resources, ensuring that all major assets, including Bitcoin, Ethereum, and key stablecoins, are fully backed. User funds are reported to be safe, and Binance has committed to absorbing the entire financial impact of the incident without passing losses onto customers. Deposits have remained open throughout this period, and the company plans to release a comprehensive post-incident report once the investigation concludes.
The FBI has attributed the attack to TraderTraitor, a hacking unit linked to North Korea, based on robust intelligence gathered both on and off the blockchain.
OKX Leads Crypto Exchanges with Significant Inflows
In a contrasting development, OKX has emerged as the top destination for crypto deposits among centralized exchanges, recording $445 million in net inflows in a single 24-hour period, as reported by DefiLlama. During the same timeframe, Binance faced approximately $7 billion in net outflows.
Other exchanges also saw inflows, with Bybit receiving $112 million, Gate accumulating $91 million, and Bitget rounding out the group with $54 million. Despite the significant outflow, Binance still holds roughly $128 billion in assets, indicating that while the $7 billion departure is substantial, it represents a meaningful dent rather than a complete depletion of reserves.
Latest Update on Binance and Bitcoin Market
The recent Binance hack on October 29 resulted in a staggering loss of approximately $6.3 billion across 10 blockchains. Despite this, Bitcoin's price showed resilience, closing the week down only 2.9%, a stark contrast to the 25% drop seen during the FTX collapse in 2022.
Bitcoin has maintained a streak of 7 consecutive weekly closes above its 50-week moving average, indicating strong market momentum. Currently, Bitcoin is trading at $78,307, which is about 3.6% above the 50-week moving average of $75,602.
In terms of monthly performance, Bitcoin experienced its first loss in October, down 7.32%, but still retains positive momentum with a 14-month relative strength index (RSI) above 50 for the third consecutive month, suggesting the potential for a new bull market.
As of October 30, US spot Bitcoin ETFs faced significant outflows totaling $643.33 million, leaving ETF investors at an average loss, with the cost basis around $82,308, which is approximately 4.9% above Bitcoin's current price.
Looking ahead, the upcoming US midterm elections on November 3 could influence Bitcoin's performance, as historically, Bitcoin has closed higher in 10 of the last 16 Novembers, with a median gain of 10.3%.
Latest Developments
The Crypto Fear & Greed Index fell to 30 on October 30, 2026, indicating market sentiment in the 'fear' zone for the first time since mid-August.
A security breach at Binance on October 29 resulted in the theft of an estimated $6.3 billion in digital assets, marking it as potentially the largest hack in the crypto industry.
The attack was attributed to a compromised laptop belonging to a DevOps engineer, leading to unauthorized withdrawals across multiple blockchains.
Binance announced it would cover all losses through its Secure Asset Fund for Users (SAFU) and company resources. By early November, Binance had replenished about 95% of the affected assets.
Withdrawals resumed in phases starting November 1, with net user outflows reaching approximately $3.64 billion by November 2.
Stablecoin issuers managed to freeze roughly $2.3-3 billion of the stolen funds on-chain, limiting the attackers' ability to move or cash out the assets.
Bitcoin dropped to six-week lows near $76,400 following the breach, while BNB fell around 6-8%. Over $1.6 billion in futures positions were liquidated within 24 hours of the incident.
The Fear & Greed Index had already been declining prior to the hack, slipping from 68 to 51, before the breach caused a further drop to 30.
FAQ
What happened to Binance on October 29, 2026?
On October 29, 2026, Binance experienced the largest theft in cryptocurrency history, where an attacker siphoned off approximately $6.36 billion across ten blockchains in about 20 minutes, leading the exchange to pause all withdrawals.
How has Binance responded to the hack?
Binance has reopened crypto withdrawals in a phased manner and has covered around 95% of the affected amount using its own resources. The company has assured that all major assets are fully backed and user funds are safe.
Who is responsible for the Binance hack?
The FBI has attributed the attack to TraderTraitor, a hacking unit linked to North Korea, based on robust intelligence gathered both on and off the blockchain.
How did the hack affect Binance's financial situation?
Despite the $7 billion in net outflows following the hack, Binance still holds approximately $128 billion in assets, indicating that while the outflow is significant, it does not represent a complete depletion of reserves.
What is the current status of crypto deposits on other exchanges?
OKX has emerged as the top destination for crypto deposits, recording $445 million in net inflows in a single 24-hour period, while other exchanges like Bybit, Gate, and Bitget also saw inflows during this time.