Binance sees $3.6 billion withdrawals after biggest-ever crypto hack

Binance said it processed $4.649 billion in withdrawals and $1.01 billion in deposits between 6 am and 3.30 pm GMT on November 1, resulting in a net outflow of around $3.64 billion.Binance has around 335 million registered users globally.New Delhi,Nov 2, 2026 19:02 ISTCustomers of Binance, the world's largest cryptocurrency exchange, withdrew $3.6 billion worth of assets after the platform reopened on Sunday following a massive cyberattack. The attack, believed to be the largest of its kind, resulted in the theft of around $6.3 billion worth of digital assets.Binance had suspended transactions after the incident but gradually resumed services following security checks. The company has said it has covered around 95% of the stolen assets and is working to source the remaining amount.The attack has been blamed on North Korean hackers, with major organisations, including the US Federal Bureau of Investigation (FBI), accusing North Korea of being behind the breach.BINANCE SEES $3.6 BILLION IN NET WITHDRAWALSBinance posted on X, "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." The exchange said there was an initial spike in withdrawals after services resumed, but the pace later slowed and began to stabilise.According to Binance, Sunday's net withdrawals accounted for just over 2% of the $171 billion worth of assets under its management. The company had earlier said it had set aside more than $6.3 billion to deal with the impact of the attack.Withdrawals of more than two dozen major cryptocurrencies, including Bitcoin and Ethereum, have resumed. Other services are expected to return in phases after security checks are completed.BINANCE SAYS IT HAS COVERED 95% OF STOLEN ASSETSBinance is covering all losses suffered by customers affected by the cyberattack.The company has already replaced around 95% of the stolen assets, using its own funds to buy replacement tokens. The remaining 5% comprises less liquid cryptocurrencies, which may take longer to source in the required quantities.Binance has around 335 million registered users globally.The exchange has repeatedly assured customers that they will not have to bear the losses resulting from the incident.HOW DID THE BINANCE HACK HAPPEN?According to a Bloomberg report, the attack began a few days before the actual breach.The hackers initially ran small code sequences through accounts they controlled on the Ethereum blockchain. These accounts typically held very small amounts, sometimes just one or two dollars. The purpose was to test code that could eventually help them gain control of Binance accounts.The actual attack was launched on Thursday at around 4 pm New York time, or 1.30 am IST.The code gave the hackers access to blockchain accounts owned by Binance, allowing them to drain their wallets. The bulk of the theft took place over around 20 minutes, although funds continued to be taken out even after the incident became public.Binance responded by suspending transactions and setting up a global war room involving around 100 people to manage the crisis.- Ends