Binance ($BNB) Users Withdraw $3.64B After $6.3B Crypto Hack

Binance users withdrew $3.64 billion in assets after the cryptocurrency exchange reopened on Sunday following a record cyber-attack. The exchange suspended all transactions after the hack that impacted $6.3 billion worth of digital assets. Authorities including the US FBI have accused North Korea of carrying out the attack, reportedly the largest hack in history.

Binance stated it has covered approximately 95% of the stolen assets but sourcing the remainder may take longer. On November 1, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of $3.64 billion. This represents just over 2% of the $171 billion in assets managed by the company. Binance reserved more than $6.34 billion to handle the incident’s consequences. Withdrawals for major cryptocurrencies like Bitcoin and Ethereum have resumed, with more services returning gradually after security checks.

This matters because Binance's ability to cover most of the loss preserves confidence in its platform and the wider crypto market. However, the substantial net withdrawals reflect user concerns post-hack and could influence liquidity and asset availability. The phased resumption of services highlights the ongoing security measures to stabilize operations.