Binance Processes $4.65 Billion of Withdrawals After Resuming Service Following $6.3 Billion Hack; Net Outflows Reach $3.64 Billion

Binance, the world’s largest cryptocurrency exchange, said it processed about $4.6 billion of withdrawals after resuming withdrawal services following a $6.3 billion hack.

Bitcoin.com reported on November 1 that Binance resumed withdrawals in phases from 6 a.m. UTC and, by 3:30 p.m., had processed a total of $4.649 billion in withdrawals and $1.01 billion in deposits. Net outflows came to about $3.64 billion, equivalent to roughly 2.1% of the exchange’s disclosed $171 billion in assets under management.

Binance said it restarted withdrawals in stages from 6 a.m. UTC and, by 12:36 p.m. UTC, had restored withdrawals for all assets and the 15 networks included in the first phase of recovery. After an initial spike in withdrawal requests, processing speeds were gradually stabilizing.

The exchange is also replenishing affected assets. Binance said the share of losses covered with its own funds had risen to about 95% from 90%. Balances of major assets including Bitcoin, Ether, Tether, BNB, Solana, USD Coin and XRP have been fully restored. Additional purchases of some less liquid tokens are underway through over-the-counter channels.

Separately, the Federal Bureau of Investigation formally attributed the hack to North Korea on October 31. The FBI said the North Korea-linked hacking group TraderTraitor led the attack and that a significant portion of the stolen assets had been converted into Ether. Binance said it will release a post-incident report once its internal investigation is complete.