Binance sees $3.6bn in withdrawals after reopening
The world's largest cryptocurrency exchange processed a net outflow of $3.64bn on Sunday as users pulled funds following a record-breaking cyber attack attributed to North Korea.
By Nikhil Petrov ·
Binance customers withdrew a net $3.64bn from the exchange on Sunday.
The global platform resumed operations on Sunday after pausing all transactions following a cyber attack that impacted $6.3bn in digital assets. The incident has been labeled the largest hack in history. US authorities, including the FBI, have identified the North Korean cybercrime group TraderTraitor, also known as the Lazarus Group, as the likely culprit.
The attack targeted Binance.com, the exchange's global centralized platform. The US-facing site reported that it remained unaffected. Early checks by Binance suggest the breach began with a compromised engineer's laptop. This allowed hackers to execute unauthorized transactions. The firm scrambled to contact cryptocurrency issuers to freeze the affected assets. Binance stated that it has reserved more than $6.34bn in funds to manage the aftermath.
Binance reported that it processed $4.649bn in withdrawals and $1.01bn in deposits between 06:00 and 15:30 GMT on November 1. This activity resulted in the net outflow of approximately $3.64bn. The company noted an initial spike in withdrawals that later declined and is stabilizing. Withdrawals for more than two dozen major cryptocurrencies, including Bitcoin and Ethereum, have resumed. Additional services will return in phases once security checks are complete.
The firm said it has covered around 95% of the stolen assets. It expects to source the remaining amount over a longer period. Binance replaced customer assets using its corporate treasury and futures insurance and emergency reserve funds. The company has stated it will fully cover the financial impact of the theft. The withdrawn funds represent a small portion of the total assets held by Binance, which stated in 2024 that it held more than $160bn in custody.
The FBI published a list of cryptocurrency wallet addresses linked to the group on Saturday. It urged industry partners to block transactions involving those addresses. The Lazarus Group previously stole a record $1.5bn from crypto exchange Bybit in 2025. Binance, founded in China, has hundreds of millions of registered users globally. The exchange remains a central hub for digital asset trading, where assets are managed on digital devices rather than in physical form.
Source: Casualty
