Binance sees $5 billion outflows after record $6.3 billion hack
Binance experienced over $5 billion in cryptocurrency outflows after reopening withdrawals following a record $6.3 billion security breach, raising concerns about exchange security and customer confidence. Withdrawals resumed November 1 after a 45-hour suspension triggered by the October 29 hack. Binance reported processing $4.649 billion in withdrawals against $1.01 billion in deposits within the first nine and a half hours, while competitors OKX and Bybit saw net inflows. Blockchain investigators linked North Korean hackers to moving $242 million in stolen assets via the Tron network, with $140 million routed through decentralized services like THORChain and Chainflip. The FBI attributed the attack to the TraderTraitor group and urged platforms to block associated addresses.