Binance faces $3.6 billion outflow after cyberattack
Cryptocurrency exchange Binance experienced a net outflow of $3.64 billion within hours of resuming withdrawal operations on November 1, following a major cyberattack. Users withdrew $4.65 billion in crypto assets, while new deposits totaled $1.01 billion. The outflow occurred after hackers stole $6.3 billion in cryptocurrency, representing about 2.1% of Binance's total assets, which were valued at approximately $171 billion as of October 28. Binance stated the largest surge of withdrawal activity has passed, with transaction numbers declining afterward. Binance founder Changpeng Zhao said 98% of users remained on the platform. Circle, the USDC issuer, blocked over $1.1 billion in stablecoins linked to the attack. The FBI accused North Korean hackers, though President Donald Trump disputed this claim. Binance promised to cover losses and has returned about 95% of stolen assets.