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Binance cyberattack fallout
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On November 2, the FBI formally attributed the cyberattack to the North Korean state-sponsored hacking collective known as TraderTraitor, or the Lazarus Group.
By 06:54 UTC on November 2, data showed the platform had processed $4.65 billion in withdrawals against $1.01 billion in deposits during the first nine and a half hours of reopened operations. This resulted in a net outflow of $3.64 billion, representing about 2.1 percent of the company's total assets under management.
Binance announced that its withdrawal volumes have started to stabilize following the initial spike. The exchange confirmed it has successfully recovered or replaced 95 percent of the stolen cryptocurrencies and has resumed normal operations, though it continues to face regulatory scrutiny.
How the story developed
A cyberattack forced the cryptocurrency exchange Binance to freeze operations, resulting in the largest cryptocurrency theft in history with $6.3 billion stolen.
In response to the breach, the company initiated a phased restoration of its services. Binance worked alongside law enforcement agencies, utilizing blockchain forensics to track and intercept the illicit digital transfers.
Through these efforts, authorities successfully froze a portion of the assets. To address the remaining shortfall, the exchange utilized its internal funds and its secure asset fund.
On November 1, Binance reopened customer withdrawals. The resumption of services led to an immediate surge in user activity, with initial withdrawals exceeding $4 billion as customers moved their funds off the platform.
Where things stand
Binance Records $3.64 Billion in Net Outflows After Reopening Withdrawals
Key point: Binance saw $3.64 billion in net outflows shortly after resuming withdrawals, though the exchange noted the volume is stabilizing and represents a small fraction of its total assets.
Cryptocurrency exchange Binance recorded approximately $3.64 billion in net outflows within the first nine and a half hours of reopening customer withdrawals on November 1. The platform processed $4.65 billion in withdrawals against $1.01 billion in deposits during this period, representing about 2.1% of its total assets under management.
The surge in withdrawals follows a phased restoration of services after a record $6.3 billion cyberattack forced the exchange to freeze operations. Binance reported that withdrawal volumes began to stabilize following the initial spike, and the company has stated it replaced 95% of the stolen assets using internal funds and its secure asset fund.
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Timeline
November 2026
Cryptocurrency exchange Binance faces significant customer outflows and regulatory scrutiny following a massive cyberattack attributed to state-sponsored actors.
- Binance Records $3.64 Billion in Net Outflows After Reopening WithdrawalsKey point: Binance saw $3.64 billion in net outflows shortly after resuming withdrawals, though the exchange noted the volume is stabilizing and represents a small fraction of its total assets.
