Binance sees more than $4.6 billion in withdrawals after largest crypto hack in history

Binance customers pulled billions of dollars in digital assets from the platform as the exchange partially reopened following a historic cyberattack, according to reports across multiple financial news outlets. The platform experienced intense client redemptions after suffering what security analysts describe as the largest digital coin theft in history, impacting approximately $6.3 billion in funds. The breach has triggered immediate security reviews across digital Finance, with industry observers monitoring whether customer trust will hold.

The security incident began late Thursday, October 29, 2026, when malicious actors drained billions in digital assets across ten blockchains. According to Livemint, the exchange temporarily suspended transactions to stabilize its systems before initiating a phased restoration of withdrawal services on Sunday, November 1, 2026. During the initial hours of the reopening, customers rushed to move their capital. Binance reported processing $4.649 billion in withdrawals alongside $1.01 billion in deposits between 0600 GMT and 1530 GMT on Sunday, resulting in the $3.64 billion net outflow detailed by The Straits Times.

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Binance sees more than $4.6 billion in withdrawals after largest crypto hack in history

Despite the sharp spike in redemptions, executive figures downplayed the long-term impact on liquidity. Co-founder Changpeng Zhao noted on social media that the vast majority of customer assets remained on the platform. Co-chief executive Yi He emphasized that the net outflows represented just 2.1% of the exchange's $171 billion in total assets under management, a figure echoed by The European.

Metric	Figure Reported
Total Estimated Hack Impact	$6.3 billion
Withdrawals Processed (Nov 1)	$4.649 billion
Deposits Processed (Nov 1)	$1.01 billion
Net Outflows	$3.64 billion
Total Assets Under Management	$171 billion

Investigations into the origin of the breach point toward sophisticated state-sponsored actors. Over the weekend following the attack, the Federal Bureau of Investigation released a statement asserting that the Democratic People's Republic of Korea was responsible for the theft. The FBI identified the specific unit involved as TraderTraitor, a cyberwarfare group previously linked to the $1.5 billion theft from Bybit in February 2025, as reported by CBS News.

Technical assessments indicate the breach was complex. While initial findings pointed toward a compromised laptop, co-CEO Richard Teng clarified that the operation relied on broader security breaches and utilized self-destruct mechanisms to erase tooling and tracers. Blockchain analytics firms including Elliptic and Chainalysis reported that hackers actively moved and laundered the stolen coins across thousands of digital accounts, though roughly half of those assets were frozen.

To prevent user losses, Binance activated its corporate treasury and insurance funds. The exchange announced that it had replenished approximately 90% to 95% of the affected funds by purchasing replacement tokens. Outstanding amounts largely consist of less liquid tokens outside the top 10 cryptocurrencies, which require more time to source through industry partners. Binance stated on X:

"We continue working with industry partners to complete the remaining acquisitions."

Binance, Corporate Statement, via X

Market reactions varied; while bitcoin and ether experienced initial dips before recovering through the weekend, broader derivatives markets saw substantial liquidations and spot exchange-traded funds recorded sharp single-day outflows.

Further context on institutional security and market resilience is available through broader financial commentary and ongoing industry reports. Additional updates concerning regulatory responses, updated proof-of-reserves information, and asset recovery efforts are expected as investigators track the remaining funds.