Binance reopens withdrawals after $6.3 billion hack: $3.6 billion in net outflows

Binance has reopened withdrawals, including USD and major-network withdrawals, after a hack forced the exchange to pause them. Binance says the breach triggered that shutdown, and public estimates have pegged the loss at a record $6.3 billion to $6.4 billion. The company says that since November 1, users have pulled about $4.6 billion from the platform and deposited roughly $1 billion, for net outflows of about $3.6 billion. That’s 2.1% of Binance’s $171 billion in assets, which reads more like users being careful than a full-blown run.

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Binance says users won’t be left holding the bag. According to the exchange, it has already replaced 90% to 95% of the stolen funds using its Secure Asset Fund for Users, or SAFU, along with other resources. Binance also says no private wallet keys were leaked, even though investigators traced the breach to a compromised DevOps laptop and other entry points. On top of that, the company says partners froze about $3 billion, including $1.56 billion in Tether’s USDT and $800 million in Circle’s USDC.

The FBI says the attack was carried out by North Korea-linked TraderTraitor, which is now converting the stolen funds into Ethereum before moving through decentralized finance, or DeFi, and instant swaps. By those estimates, the theft is far larger than Bybit’s $1.5 billion loss. Regulators, from the U.S. Commodity Futures Trading Commission to authorities in the United Arab Emirates and South Korea, are paying closer attention to exchange security while the market waits for the sell-off to ease.

If you use Binance, check whether withdrawals are available for your account. You can access them through Binance’s platform as services come back online.

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