Binance sees $3.64 billion in outflows after hack, withdrawals resume
Binance experienced $3.64 billion in net outflows after resuming withdrawals on Sunday, following a $6.3 billion hack, as customers moved funds off the platform. The exchange processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6 a.m. and 3:30 p.m. UTC on Nov. 1, with net outflows representing 2.1% of its $171 billion in total assets. Withdrawal volumes declined after an initial spike, and services resumed across all 15 networks by 12:36 p.m. UTC. The FBI attributed the attack to North Korean hackers under the name TraderTraitor. Binance said it would absorb the losses, covering about 95% of the impacted amount, with the remaining 5% in less liquid tokens. Founder Changpeng Zhao noted most outflows occurred in the first hours, adding "98% choose to stay!"