Binance customers withdrew over $4.6 billion in a single day after the cryptocurrency exchange resumed operations following a record-breaking hack. The massive outflows occurred between 6am and 3.30pm UTC on 1 November, with $1 billion in deposits made during the same period. Binance attributed the withdrawals to heightened security concerns after a suspected North Korean cyberattack stole $6.4 billion in cryptocurrency on Thursday.
The exchange has recovered 95 per cent of the stolen funds, but the remaining 5 per cent may take longer to retrieve due to its lower liquidity. Binance assured users it would absorb the financial impact and not pass on the losses. The FBI confirmed the attack was linked to the North Korean state-sponsored hacking network TraderTraitor, which has been converting stolen assets into Ethereum.
Binance resumed withdrawals in phases on Sunday, prioritising major cryptocurrencies like Bitcoin and Ethereum. The exchange reported that withdrawal volumes stabilised after an initial spike, while deposit volumes remained substantial. The firm continues to test the remaining networks and assets to ensure stability and security.
Following the hack, Binance temporarily suspended withdrawals for 48 hours to contain the loss and complete security checks. The exchange emphasised its priority to protect users and safeguard the platform. Investigations are ongoing, but the attack has been identified as the largest crypto heist in history.