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Binance customers withdrew over USD 3.5 billion after the world’s largest cryptocurrency exchange reopened withdrawals following a reported USD 6.3 billion cyberattack. The incident has raised questions about exchange security, customer confidence, and the recovery of stolen assets.
According to Binance, users withdrew USD 4.649 billion between 06:00 and 15:30 GMT on November 1, while deposits totaled USD 1.01 billion. The difference produced net outflows of approximately USD 3.64 billion within nine and a half hours.
The withdrawals represented around 2.1% of the USD 171 billion in assets reportedly held by Binance before the attack.
The exchange acknowledged an initial surge in withdrawal requests but said activity subsequently began stabilizing. Binance resumed services gradually, allowing customers to access selected cryptocurrencies after completing security checks.
Ethereum-based assets, including ETH, USDT and USDC, were among the first enabled, followed by additional tokens such as Dogecoin and Solana.
The breach occurred on October 29 and prompted Binance to suspend transactions while investigators examined unauthorized transfers.
The preliminary findings identified a compromised engineer’s laptop as one potential entry point. Binance subsequently reported discovering additional possible breach points and began reviewing its infrastructure.
The FBI attributed the theft to TraderTraitor, a North Korea-linked hacking group associated with the USD 1.5 billion Bybit attack in 2025.
The agency published wallet addresses linked to the suspected attackers and urged cryptocurrency companies to restrict transactions involving those addresses.
Recovering the stolen cryptocurrency remains difficult as attackers can transfer assets rapidly across multiple blockchain addresses.
Chainalysis investigator Alex Zebrick told the BBC, “We continue to see funds being laundered quite actively.”
He said attackers were distributing funds across thousands of addresses and deposits, complicating efforts to trace and freeze assets.
Blockchain analytics companies and law enforcement agencies are coordinating to identify suspicious transfers and prevent further movement where possible.
Binance said it had assembled funds covering approximately 95% of the stolen assets through corporate reserves, revenues, and emergency protection funds.
The remaining 5% involves less-liquid cryptocurrencies that may take longer to purchase in sufficient quantities.
The company reiterated, “Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident.”
Also Read: Binance Faces Withdrawal Surge After USD 6.3 Billion Hack