November 2, 2026
The Binance platform, the largest cryptocurrency trading platform in the world, witnessed an initial wave of withdrawals of customer funds coinciding with the resumption of trading in a number of digital assets, as part of its tireless efforts to recover from a major hack that resulted in the theft of codes worth $6.3 billion, in an incident that the US Federal Bureau of Investigation and analysts linked to North Korean authorities, and is considered one of the largest financial robberies ever.
Following the resumption of withdrawals, the platform recorded net outflows of about $3.64 billion between 06:00 and 15:30 GMT, which represents only 2.1% of its total managed assets of $171 billion, according to what the company announced in a post on the “X” platform. On the other hand, data from the “Divay Lama” cryptocurrency analytics platform indicated that net outflows exceeded $3.5 billion, while “Binance” did not officially comment on this independent data.
A Binance spokesman confirmed that withdrawal volumes recorded a temporary increase at first before witnessing a sharp decline towards their normal and expected levels, stressing that the large deposits received by the platform – which amounted to $1.01 billion compared to withdrawals exceeding $4.64 billion during the reporting period – reflect the stability of market conditions and customer confidence.
In terms of financial treatment of the crisis, Binance announced that it covered 95% of the stolen assets, equivalent to about $6 billion, by using its own funds to purchase alternative digital assets. She explained that the remaining 5% relates to less liquid assets that may take longer to provide in the required quantities.
Withdrawals were resumed according to a phased approach that prioritizes user requests based on last week’s data. The first phase included 15 prominent digital assets, most notably “Bitcoin,” “Ether,” and stable currencies such as “USDC” and “USDT,” in addition to “Dogecoin.”
These developments come at a time when the incident highlights the escalation of cybersecurity risks in the cryptocurrency sector. Data from the research company VTRM Labs indicates that last year, attackers stole cryptocurrencies worth $2.9 billion through about 150 attacks, which puts Binance’s current customer confidence test at the forefront of the global financial scene.
