Binance customers withdraw net $4.7 billion after hack

Customers of Binance have withdrawn a net $4.72 billion from the world's largest cryptocurrency exchange since it reopened following a hack that saw about $6.3 billion in digital assets stolen, according to the company.

Customers of Binance have withdrawn a net $4.72 billion from the world’s largest cryptocurrency exchange since it reopened following a hack that saw about $6.3 billion in digital assets stolen, according to the company.

The exchange suspended withdrawals for more than two days after the October 29 attack. It began allowing customers to withdraw funds again on Sunday, after the FBI attributed the theft to North Korea.

Binance said the net outflows represented about three percent of the assets held on its platform, a relatively modest share that analysts said suggested customer confidence had largely held up. Most of the withdrawals were made in Tether’s USDT stablecoin, the exchange said.

The outflows were smaller than the roughly $7 billion withdrawn from Circle’s USDC stablecoin over a week after the collapse of Silicon Valley Bank in 2023. Binance itself recorded net outflows of about $6 billion over 72 hours following the collapse of cryptocurrency exchange FTX in 2022.

The attack has intensified scrutiny of North Korea-linked cryptocurrency thefts. Blockchain analytics firm TRM Labs said hackers linked to the country had stolen $7.4 billion so far in 2026.

Binance said it would cover the losses using company funds and had secured about $6 billion from its corporate treasury, an insurance fund and reserves set aside for security breaches. The company also said it had received $2.7 billion in customer inflows since Sunday, while withdrawals had begun to stabilise.

“It has not yet triggered widespread panic or a massive, concentrated withdrawal,” said Tim Sun, a senior researcher at Hong Kong-based digital asset financial services company HashKey Group.

Binance says it has more than 335 million users worldwide and average daily trading volumes of $95 billion across digital assets and derivatives.

Some traders said they were not rushing to move their funds off the platform. Ryan Tan, a Binance user, said he had kept a relatively small balance on the exchange since the collapse of FTX four years ago.

“After the FTX collapse, I decided to hold everything on my wallet instead of leaving them on exchanges,” said Tan, 39.

Bitcoin recovered over the weekend after hitting a six-week low on Friday, trading above $77,000 on Monday. Ether also rebounded from a two-month low.

The market reaction has nevertheless raised concerns about the possible impact on institutional investors. Spot bitcoin exchange-traded funds recorded outflows of $643 million on Friday, their largest daily withdrawal in October, while more than $1.3 billion in leveraged positions were liquidated, according to Ari Redbord, global head of policy at US blockchain analytics firm TRM Labs.

“A hack at a crypto exchange is bank robbery at the speed of the internet, which creates an unstable risk profile for anyone responsible for other people’s capital,” he said.

About half of the stolen funds were held in stablecoins and have been frozen by issuers, including Circle, which said on Monday it had frozen more than $1.1 billion in USDC.

Jonathan Benton, founder and chief executive of cryptocurrency asset recovery firm iSanctuary, said blockchain technology could be used to trace stolen funds, but the challenge was coordinating a rapid response before the assets disappeared.

“The future of crypto won’t be decided by how much money enters the market, but by how safe that money is once it’s there,” said Benton, a former head of the international corruption unit at Britain’s National Crime Agency.