Binance Customers Withdraw Net $3.64 Billion After Record $6.3 Billion Hack

The update

Binance customers withdrew a net $3.64 billion on November 1 in the first nine and a half hours after the world’s largest cryptocurrency exchange began restoring withdrawals following a $6.3 billion hack. Binance said it processed $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 GMT, a net outflow equal to 2.1% of its $171 billion in reported assets. The exchange said an initial spike later declined and activity was stabilising, with withdrawals resuming across the initial networks and major cryptocurrencies including Bitcoin and Ethereum.

Why it matters

The outflow is the first measured test of customer confidence after what is believed to be the largest crypto hack on record. Binance said it has now covered about 95% of the stolen assets, up from about 90% reported earlier, and still pledges to cover all losses. The FBI has attributed the attack to TraderTraitor, a North Korean group also known as Lazarus, and Chainalysis investigators told the BBC stolen funds are still being actively laundered across thousands of addresses.

What to watch

Watch for Binance’s updated Proof of Reserves report, expected November 2, whether coverage reaches 100%, and when remaining networks complete security checks and reopen. Also watch whether authorities and partners can freeze more stolen funds as laundering continues.

Sources

• bbc.co.uk — confirms the $3.64 billion net outflow and about 95% coverage
• qazinform.com — confirms the same outflow figures and 15 networks restored