Binance customers pulled $3.64 billion worth of assets from the exchange on Sunday as the platform resumed operations following a historic cyber-attack last week. The company previously suspended all transactions after the breach, which impacted approximately $6.3 billion in digital assets. Binance customers withdrew $3.64bn (£2.72bn) of assets from the world’s largest cryptocurrency exchange as it reopened on Sunday following a record hack last week.
Official bodies, including the US Federal Bureau of Investigation, have pointed toward North Korea as the source of the attack, which is being described as the largest theft of its kind in history. Binance has committed to covering all losses linked to the incident and reports that it has already secured 95% of the stolen funds. The exchange is working to source the remaining amount. According to the company, It has covered around 95% of the assets stolen in the breach, but that the remaining amount may take longer to source.
In a statement posted on X, Binance detailed the activity on November 1 between 06:00 and 15:30 GMT. The platform processed $4.649 billion in withdrawals against $1.01 billion in deposits, creating a net outflow of about $3.64 billion. The exchange noted an initial surge in withdrawal requests, which subsequently declined and are now stabilizing. These withdrawals represent just over 2% of the $171 billion in total assets managed by the firm. Which later declined and “are stabilising as expected”, it added, there was an “initial spike” in withdrawals.
To manage the fallout, Binance previously stated it has set aside more than $6.34 billion in emergency funds. Services for over two dozen major cryptocurrencies, such as Bitcoin and Ethereum, are now available again. The company confirmed that additional platform features will be restored in phases as soon as ongoing security checks are completed.
