Binance sees $3.64 billion in net withdrawals after massive crypto hack
Cryptocurrency exchange Binance recorded $3.64 billion in net outflows on November 1 as customers withdrew funds following a cyberattack that reportedly resulted in the theft of $6.3 billion in digital assets.
Binance said users withdrew $4.65 billion between 6 a.m. and 3:30 p.m. UTC on Sunday, while depositing $1.01 billion over the same period. The net outflow represented approximately 2.1% of the exchange's $171 billion in assets under management, according to its latest available proof-of-reserves data.
The exchange began restoring cryptocurrency withdrawals in stages on November 1. By 12:36 p.m. UTC, withdrawals had resumed across all 15 networks and assets included in the initial phase.
Binance said withdrawal volumes declined after an initial surge, while deposits remained substantial. The company is continuing to test additional networks and assets before restoring further services.
The withdrawals followed a cyberattack reported on October 30, in which hackers allegedly stole approximately $6.3 billion in cryptocurrency. The FBI has attributed the theft to North Korea-linked hackers known as TraderTraitor.
Stablecoin issuer Circle has also reportedly frozen more than $1.1 billion in USDC associated with the attack, working with law enforcement to prevent the movement of stolen funds.