Binance's net-outflows reach $3.6B as withdrawals resume after $6.3B hack
What's the story
Binance, one of the world's largest cryptocurrency exchanges, has announced a phased resumption of its withdrawal services. The decision comes after a major security breach that saw hackers stealing $6.3 billion worth of cryptocurrency from Binance wallets. The company had temporarily suspended all deposits and withdrawals to contain the incident and assess its impact on its services.
Recovery progress
Binance recovers 95% of stolen assets
In its latest update, Binance revealed that it has successfully recovered 95% of the stolen assets.
The company is now working to acquire the remaining affected assets, which are less liquid in the market and take longer to source at the required scale.
Despite this setback, Binance has assured its users that they will not bear any financial impact from these losses.
Phased approach
Withdrawal services to resume in phases
The resumption of withdrawal services will be done in phases, depending on the network and asset type.
As of Sunday morning, Binance's network status page showed a mix of normal, partially suspended, and fully suspended statuses.
For instance, Bitcoin withdrawals and deposits are still listed as partially suspended, while Ethereum deposits are normal with partial suspension for withdrawals.
Financial impact
Binance processes $4.6 billion in withdrawals post-hack
Following the hack, Binance processed $4.6 billion in withdrawals and $1.0 billion in deposits between 6:00am and 3:30pm Coordinated Universal Time.
This resulted in a net outflow of $3.6 billion, accounting for 2.1% of its total assets under management.
The company also plans to release a detailed incident report after completing its investigation into the breach.
Twitter Post
Changpeng Zhao thanked Binance customers for their support
12 hours after withdrawals resumed: 2.1% net outflow, with most occurring in the first couple of hours. Over $1 billion in flow, too.
— CZ 🔶 BNB (@cz_binance) November 1, 2026
98% choose to stay!
Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times.
Thank you for your trust!… https://t.co/r3f6s9c2fy
Suspected culprits
North Korean group TraderTraitor behind hack, says FBI
The FBI has confirmed that a North Korean group called TraderTraitor was behind the hack.
The group is suspected of converting stolen assets mainly into Ethereum and laundering them further.
Binance's co-CEO Richard Teng had earlier described the breach as a "complex attack" involving an infected laptop and malware designed to erase traces of its activity, making it harder to trace and investigate.