The world's largest platform was forced to suspend operations due to an unprecedented hack, which seriously alarmed the entire crypto industry.
According to the exchange itself, the first phase of resuming operations is scheduled for November 1 from 9:00 a.m. to 12:00 p.m. Moscow time. The integration of new blockchain networks and various cryptocurrencies will take place in stages. This is necessary to ensure the system’s stability and to complete all security checks.
Binance explained that it does not intend to resume all operations at once. Initially, priority will be given to the assets that users attempted to withdraw most frequently last week.
It all began on Thursday, when news of the hack broke. As a result, by Friday morning Asia time, Binance had already suspended withdrawals. The FBI believes that the North Korean hacking group TraderTraitor is behind the attack. They were previously involved in the theft of $1.5 billion from the Bybit exchange in 2025.
The company stated that it has already managed to recover about 90% of the stolen funds and promised users that there would be no financial losses. The stolen assets included Bitcoin, Ether, as well as the stablecoins USDC and USDT.
Binance Co-CEO Richard Teng said the company would cover all losses from its accumulated reserves, which were built up from profits. Yi He, who also serves as co-CEO, added that Binance’s annual revenue would be more than enough to compensate for the losses.
On Sunday, Bitcoin was trading at $77,700. This is 5% below its peak price, which was recorded on Thursday before the attack. Meanwhile, prices for other major cryptocurrencies remained virtually unchanged.
According to DefiLlama, Binance’s assets on its balance sheet total approximately $135 billion. This is significantly more than the $29 billion held by its competitor, OKX. In addition, Binance continues to draw on its SAFU user protection fund, established back in 2018 for emergencies. This reserve typically amounts to about $1 billion.
Experts are currently investigating exactly how the hackers gained access to the system. They are even examining one of the engineers’ laptops, although Binance maintains that there are no signs of a leak of private wallet keys. This incident has prompted everyone to take cybersecurity even more seriously, as hackers are increasingly using artificial intelligence for social engineering and data collection.