Binance Says Withdrawals Are Stabilizing After $6.3 Billion Hack
United States
Dado Ruvic/Reuters
What Happened
Key Implications
What Happened
Key Implications
Where Sources Agree
- arrows_inputFBI Attributes Hack to North Korea: Predominant reporting shows the FBI has attributed the $6.3 billion Binance hack to the North Korean state-sponsored unit known as TraderTraitor; the theft occurred over approximately 20 minutes, according to FBI statements.
- arrows_inputAsset Reimbursement Commitment: Sources across outlets confirm Binance has committed to covering customer losses from the hack, with 95% of stolen assets already replaced using corporate treasury funds and insurance reserves, according to official company statements.
- arrows_inputWithdrawal Volume Stabilization: Outlets generally confirm that withdrawal volumes on Binance have begun to stabilize following an initial surge after the exchange's recent $6.3 billion hack, with net outflows totaling $3.64 billion—representing approximately 2.1% of the platform's total assets—according to exchange data.
Where Sources Disagree
- arrows_outputWithdrawal Figures Disputed: Most outlets report that Binance users withdrew a net $3.64 billion following the resumption of services. In contrast, other reporting cites a Binance spokesperson stating that net withdrawals reached $4.7 billion by Monday morning.
- arrows_outputDisputed Asset Holdings: Sources vary on the total assets held by Binance, with some reporting $171 billion under management, while others cite a figure of $128 billion.
- arrows_outputStolen Amount Estimates: Reports vary slightly regarding the total value of assets stolen during the hack, with most sources citing $6.3 billion, while others estimate the figure at $6.4 billion.
Timeline
November 2, 2026
Market impact and partial recovery: The heist pushed bitcoin and ether to multi-week lows before prices recovered over the weekend (bitcoin trading above $78,000 by Monday), while spot bitcoin ETFs and leveraged positions saw large outflows and liquidations amid broader market stress.
November 1, 2026
Binance pledges to cover losses: Binance said it would cover customer losses using its Secure Asset Fund for Users (SAFU), parts of its futures insurance fund and corporate treasury—raising roughly $6 billion and reporting it had covered about 95% of the stolen assets while committing to replenish SAFU.
November 1, 2026
Surge of customer outflows: When Binance partially resumed withdrawals on November 1, customers pulled a net $3.64 billion over about 9½ hours (about $4.6 billion outflows vs $1 billion deposits), representing roughly 2.1% of the exchange's reported $171 billion in assets; Binance said withdrawal volumes declined and were stabilising thereafter.
Perspectives and Debates
What is the primary significance of the Binance theft?
Summary by Ground AI
Sources
See All 101A varied selection of sources chosen by Ground to reflect the diversity of this story’s coverage.
Most Written About
The stories getting the most coverage from the last 24 hours
Timeline
November 2, 2026
Market impact and partial recovery: The heist pushed bitcoin and ether to multi-week lows before prices recovered over the weekend (bitcoin trading above $78,000 by Monday), while spot bitcoin ETFs and leveraged positions saw large outflows and liquidations amid broader market stress.
November 1, 2026
Binance pledges to cover losses: Binance said it would cover customer losses using its Secure Asset Fund for Users (SAFU), parts of its futures insurance fund and corporate treasury—raising roughly $6 billion and reporting it had covered about 95% of the stolen assets while committing to replenish SAFU.
November 1, 2026
Surge of customer outflows: When Binance partially resumed withdrawals on November 1, customers pulled a net $3.64 billion over about 9½ hours (about $4.6 billion outflows vs $1 billion deposits), representing roughly 2.1% of the exchange's reported $171 billion in assets; Binance said withdrawal volumes declined and were stabilising thereafter.
