Binance clients pull $4.7 billion after hack as crypto world studies fallout
Binance customers withdrew a net $4.72 billion after hackers stole about $6.3 billion in crypto, potentially the largest financial heist in history, with the FBI attributing the attack to North Korea. The exchange resumed withdrawals Sunday after a 48-hour freeze and vowed to repay users in full. The outflows represent roughly 3% of platform assets, which analysts said indicated customer confidence largely held, with most withdrawals in Tether's USDT stablecoin. Binance said it covered losses with company funds, including $6 billion from treasury, insurance, and reserves, and saw $2.7 billion in inflows since Sunday. The attack, linked to North Korean group TraderTraitor, marks an escalation in state-sponsored crypto thefts, with $7.4 billion stolen in 2026. Bitcoin recovered to near $78,000 Monday, while spot bitcoin ETFs saw $643 million in outflows Friday, raising concerns about institutional appetite.