Binance sees outflows stabilising as exchange returns online after $6.3 billion heist

Binance, the world's largest cryptocurrency exchange, experienced a $3.64 billion withdrawal after recovering from a $6.3 billion heist last week. The security breach, believed to be North Korean state-sponsored, saw $6.3 billion stolen from the platform. Binance's withdrawals stabilized after an initial spike and deposits remained substantial.

The exchange has now covered 95% of the stolen assets by purchasing replacement tokens using company money. Bitcoin and Ether prices recovered slightly following the heist, with Bitcoin trading above $78,000 and Ether near $2,287. Binance, which has 335 million global users and $171 billion in assets under management, stated that the withdrawals were a precautionary reaction rather than capital flight.

The withdrawal levels indicate customer trust in Binance, with stablecoin market capitalizations declining since the attack. The exchange is rolling out withdrawals in stages based on user demand, prioritizing 15 tokens including Bitcoin, Ether, USDC, USDT, and Dogecoin. Binance believes market conditions are stable and is covering $6 billion of the stolen cryptocurrencies.

The FBI attributed the attack to North Korea's TraderTraitor unit, which has previously denied involvement. US President Trump stated the attribution remains unclear. Binance will bear the financial impact of the hack and has set aside around $6.34 billion to cover losses, using funds from its Secure Asset Fund for Users (SAFU) and other reserves.