Binance clients pull US$4.7 billion after hack as crypto world studies fallout
Binance said net outflows represented 3% of the assets on its platform, suggesting customer confidence has largely held up.
Binance, the world's largest cryptocurrency exchange, experienced a significant withdrawal of US$4.7 billion from its platform following a hack that resulted in the theft of around US$6.3 billion by hackers believed to be North Korean-linked. The exchange froze withdrawals for more than two days before allowing customers to withdraw again on November 1.
Binance, which has processed net outflows of about US$6 billion over 72 hours in previous incidents, stated that customer confidence remained largely intact and vowed to repay customers in full. Most withdrawals were in the form of Tether's USDT stablecoin. The fallout from the hack has been relatively limited, with no widespread panic or significant impact on broader financial markets.
Analysts noted that Binance absorbed the financial impact using its own funds, insurance, and reserves. The attack marks an escalation in North Korea's crypto thefts, with blockchain analytics firm TRM Labs reporting that North Korean hackers have stolen a total of US$7.4 billion so far in 2026.
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Also reported by 4 other outlets
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- 'Absurd rhetoric': North Korea fires back at US over $6.3 billion Binance crypto heist claims hindustantimes.com
- Binance clients pull $4.7 billion after hack as crypto world studies fallout koreatimes.co.kr
- North Korea rejects US allegations over $6 billion Binance crypto heist france24.com
