Binance Resumes Withdrawals After Major Hack as Michael Van De Poppe Predicts Bitcoin Crash

Binance announced that it has restored its withdrawal system after the historic hack that compromised its hot wallet.

In its official X account, the exchange told its customers that withdrawals are now enabled for several networks, including Bitcoin, Ethereum, XRP, BSC, Dogecoin, and many others.

Binance restores withdrawal system

The world’s largest crypto exchange, Binance, suffered what appeared to be the largest crypto heist on record on Oct. 29, 2026. Hackers stole $6.3 billion, but the company managed to freeze $2.54 billion.

The exchange, co-founded by Chinese-Canadian entrepreneur Changpeng Zhao (CZ), suspended deposits and withdrawals on the day of the attack. The firm assured clients that users’ funds are safe and that it would cover all losses from the hack.

On Saturday, the FBI released an official statement revealing that North Korea was responsible for the breach that led to the theft of $6.3 billion from Binance on Thursday.  

That evening, Binance announced it successfully restored 90% of the crypto assets lost in the breach. The firm said it used its own reserves, including the SAFU and internal treasury, to fully cover customer losses so clients would not lose their capital.   

Bitcoin to drop to $74k, analyst says

Today, Binance announced its withdrawal system is back to normal, and customers can withdraw any amount without delay. According to data shared this evening by CryptoQuant, over $4 billion in assets have been withdrawn from the exchange since withdrawals resumed after the $6.3 billion hack.

Meanwhile, crypto analyst Michael van de Poppe believes Bitcoin is likely to fall toward $74,000 as customer outflows and a wider market sell-off weigh on investor sentiment. Bitcoin currently trades at $77,789 following Binance’s security breach, and the analyst is watching whether support around $76,200 and $76,800 holds.

He warns of broader impacts, as persistent, massive withdrawals could trigger a plunge in BTC’s value toward $74k. The selling momentum could push BTC lower from current levels due to high-leverage BTC shorts and expectations of a relief rally.