Cryptocurrency exchange Binance experienced $3.64 billion in net customer withdrawals after reopening its services following last week’s record $6.3 billion cyberattack, highlighting investor concerns over the security of the world’s largest cryptocurrency trading platform.
According to Reuters, CoinDesk and Agence France-Presse, customers withdrew approximately $4.65 billion during the first nine and a half hours after services resumed Sunday, November 1, while deposits totaled $1.01 billion. The resulting net outflow represented approximately 2.1% of Binance’s reported $171 billion in assets as of October 28.
The withdrawals followed the October 29 cyberattack, which the FBI attributed to North Korean hackers operating under the name TraderTraitor. Binance said it had already replaced approximately 95% of the stolen assets using its own financial resources, although investigators continue working to trace and freeze the cryptocurrency taken during the attack.
Billions leave Binance as Bitcoin faces renewed pressure
Binance began gradually restoring withdrawals at 06:00 UTC Sunday after suspending services for approximately 45 hours. By 12:36 UTC, customers could withdraw funds across all 15 networks and cryptocurrencies included in the initial reopening phase, among them Bitcoin, Ethereum, Solana and several stablecoins.
According to The Block, blockchain analytics platform DefiLlama recorded approximately $4.05 billion in net outflows over a separate 24-hour period, indicating that withdrawals continued beyond Binance’s initial reporting window. More recent blockchain estimates suggested that the total movement of assets could be substantially higher, although differences in reporting periods and wallet transfers complicate direct comparisons.
The exchange maintained that withdrawal volumes had declined after the initial surge and were beginning to stabilize, while customer deposits remained substantial. Founder and former chief executive Changpeng Zhao also sought to reassure investors, emphasizing that the overwhelming majority of assets remained on the platform.
“Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times,” Zhao wrote on X.
The episode coincided with renewed volatility in cryptocurrency markets. Bitcoin had fallen to a six-week low Friday before recovering to approximately $78,000 on Monday, according to Reuters and CoinDesk. Ethereum also recovered modestly after reaching a two-month low.
FBI links record theft to North Korea as Binance replaces stolen assets
The FBI formally attributed the attack to North Korea’s TraderTraitor operation on October 31, warning that the hackers were converting stolen cryptocurrency primarily into Ethereum before attempting to launder the funds through decentralized financial services.
The agency urged cryptocurrency businesses and blockchain operators to block transactions associated with identified digital wallets.
Meanwhile, Binance said it had replenished approximately 95% of the affected assets through corporate funds and other financial reserves. The remaining 5% involved less-liquid cryptocurrencies that required additional time to acquire.
Importantly, replacing customer assets does not mean the stolen funds have been recovered. Approximately $3 billion in stolen cryptocurrency has reportedly been frozen through cooperation with stablecoin issuers and blockchain investigators, while a substantial portion remains beyond authorities’ control.
The Wall Street Journal reported that Binance had committed more than $6.3 billion of its own resources to cover the losses, with the company maintaining that customers would not bear the financial consequences.
The exchange also prepared an updated proof-of-reserves report to demonstrate its ability to meet customer obligations following the attack.
For cryptocurrency analysts, the immediate challenge is whether the platform can restore confidence while maintaining liquidity and completing its security investigation.
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