Add StudioX as a preferred source on GoogleCustomers withdrew a net $3.64 billion (£2.72 billion) from Binance, the world’s largest cryptocurrency exchange, as it reopened on Sunday after a record hack, according to BBC Technology.
The company had suspended all transactions after the incident, which affected $6.3 billion worth of digital assets. It is said to be the largest hack in history.
Withdrawals spike, then ease
Binance said that between 06:00 and 15:30 GMT on November 1 it processed $4.649 billion in withdrawals and $1.01 billion in deposits. That left a net outflow of about $3.64 billion.
The company said there was an initial spike in withdrawals, which later declined and were “stabilising as expected”. It said the net outflow amounts to just over 2% of the $171 billion in assets it manages.
Binance said withdrawals of more than two dozen major cryptocurrencies, including Bitcoin and Ethereum, have resumed. More services will return in phases once security checks are complete.
Who is blamed
Major organizations, including the US Federal Bureau of Investigation (FBI), have accused North Korea of carrying out the attack. It has been attributed to TraderTraitor, a North Korean cybercrime group also known as the Lazarus Group. The same group stole what was then a record $1.5 billion from the crypto exchange Bybit in 2025.
On Saturday the FBI published a list of cryptocurrency wallet addresses linked to the group. It urged industry partners to help by blocking transactions involving them. Binance also moved quickly to press cryptocurrency issuers to freeze the affected assets.
Early checks suggest the incident may have started with a compromised laptop belonging to an engineer, Binance said last week. That would have given the hackers a way to make unauthorized transactions.
How Binance says it is covering the losses
The attack hit Binance’s global exchange, Binance.com. Its US-facing platform has said it was not affected.
Binance has repeatedly said it will cover all losses linked to the attack. It says it has replaced around 95% of the stolen assets, though sourcing the remainder may take longer. It used a mix of sources, including its corporate treasury and its futures insurance and emergency reserve funds.
The firm said last week that it has set aside more than $6.34 billion to deal with the fallout.
Cryptocurrencies are digital assets traded on exchanges such as Binance. Unlike cash, they have no physical form and are managed on computers, smartphones and other digital devices. Binance was founded in China and has hundreds of millions of registered users around the world.
Source: BBC Technology
Harnaik Singh Rathor is the Founder, Publisher, and Editor-in-Chief of StudioX News Canada, Canada's multilingual digital news network serving multilingual diaspora communities across Canada. With a background in media production, public relations, and multicultural communications, he founded StudioX Film and TV Corporation to bridge the gap between mainstream Canadian media and the country's diverse immigrant communities. He is a member of the Canadian Association of Journalists (CAJ), RTDNA Canada, CPRS Vancouver, NEPMCC, and the Canadian Freelance Union (Unifor). Based in Surrey, British Columbia. | LinkedIn: https://www.linkedin.com/in/harnaiksinghrathor/ | Muck Rack: https://muckrack.com/harnaiksinghrathor | Email: editor@studioxnews.ca
