Binance faces $5 billion outflows after record $6.3 billion hack

Binance experienced over $5 billion in cryptocurrency outflows after resuming withdrawals following a record $6.3 billion security breach, raising concerns about exchange safety and customer trust. The exchange suspended withdrawals for about 45 hours before gradually restoring access to major cryptocurrencies on November 1. Blockchain data shows net outflows of approximately $3.64 billion in the first nine and a half hours, though internal wallet transfers may account for some movement. Binance stated about 95% of affected assets had been replenished. Blockchain researchers reported North Korean hackers moved roughly $242 million of stolen funds via the Tron network, with about $140 million processed through decentralized services like THORChain and Chainflip. The FBI attributed the attack to the TraderTraitor hacking group and urged platforms to block associated addresses, while approximately $2.85 billion in stolen assets was frozen or seized.