Binance sees spike in withdrawals as exchange returns online after $6.3 billion heist

Binance customers withdrew $3.64 billion, or 2.1% of its assets, as the world's largest cryptocurrency exchange resumed operations on Sunday following a $6.3 billion heist, according to Reuters. The FBI identified the hackers as North Korean state-sponsored unit TraderTraitor, who allegedly stole billions from the platform last week.

Binance reported that withdrawals were stabilizing after an initial spike, while deposit volumes remained substantial. The exchange has now recovered 95% of the stolen assets. Analysts believe this may be the biggest financial robbery ever, adding to a string of recent crypto thefts.

The withdrawal levels serve as an initial test of whether customers continue to trust the exchange with their money after the attack. Crypto analytics platform DefiLlama reported higher outflows at $4.36 billion, but Binance stated the figure was closer to accurate.

Binance plans to carry out the withdrawal rollout in phases, prioritizing user demand. The first phase covered 15 tokens, including Bitcoin, Ether, USDC, USDT, and Dogecoin. The remaining 5% of stolen tokens are less liquid and may take longer to source.

The FBI confirmed North Korea's involvement in the attack, while US President Donald Trump later said it was unclear if North Korea was involved. Binance, founded in China, vowed to bear the financial cost of the hack and has set aside $6.34 billion to cover the losses.