Binance users withdraw $3.6bn after record crypto hack
Binance customers withdrew $3.64bn in net assets on Sunday, November 2, 2026, as the exchange resumed operations following a historic $6.3bn cyber-attack.
Stock photo for illustration only, not from the actual event
- Binance resumed operations and faced $3.64bn in net withdrawals on Sunday
- A record-breaking cyber-attack impacted digital assets valued at $6.3bn
- The FBI and major organizations attribute the attack to North Korea's Lazarus Group
- The company has covered around 95% of the stolen assets and pledged full reimbursement
Binance, the world's largest cryptocurrency exchange, saw customers withdraw $3.64bn (£2.72bn) in net assets as the platform reopened on Sunday, November 2, 2026, following a record-breaking hacking incident the previous week that forced the firm to suspend all transactions.
The company announced that withdrawals for more than two dozen major cryptocurrencies, including Bitcoin and Ethereum, have resumed, with additional services rolling out in phases after security checks are completed. The breach affected Binance's global centralized exchange, Binance.com, while its US-facing platform confirmed it remained unaffected.
Stock photo for illustration only, not from the actual event
Providing details on transaction volumes, Binance posted on X that between 06:00 and 15:30 GMT on November 1, the platform processed $4.649 billion in withdrawals against $1.01 billion in deposits, creating a net outflow of approximately $3.64 billion. This net withdrawal figure accounts for just over 2% of the $171bn in assets under its management.
Regarding the perpetrators, organizations including the US Federal Bureau of Investigation (FBI) have blamed North Korea for the attack. The cyber-attack has been linked to TraderTraitor, a North Korean cybercrime group also known as the Lazarus Group, which previously stole a then-record $1.5bn from Bybit in 2025. On Saturday, the FBI published cryptocurrency wallet addresses tied to the group and urged industry partners to block related transactions.
"Between 06:00 and 15:30 [GMT] on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion"
Binance
To deal with the financial fallout, Binance revealed last week that it had reserved more than $6.34bn in funds. The firm replaced customer assets using a mix of its corporate treasury, futures insurance, and emergency reserve funds, noting that it has covered about 95% of the stolen assets so far.
This unprecedented security breach highlights the inherent vulnerabilities in centralized cryptocurrency exchanges. Even with robust institutional safeguards, incidents often originate from human or endpoint vulnerabilities, such as a compromised engineer laptop. While Binance's rapid liquidity response and financial reserves helped stabilize immediate market panic, maintaining long-term user trust will require absolute transparency and rigorous infrastructural audits.
Initial checks suggested the security breach may have originated from a compromised laptop belonging to an engineer, which allowed unauthorized transactions. Binance reiterated its ongoing commitment, stating that the company will fully cover the financial impact of all funds stolen during the incident.
Source: BBC Business
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