Binance customers withdraw $5.8 billion in wake of hack
Cryptocurrency exchange Binance has experienced massive outflows following a cyberattack that resulted in the theft of $6.3 billion. Net outflows from the platform reached $5.8 billion over the past 24 hours, according to DefiLlama data.
As reported by Cointelegraph, Binance began gradually restoring cryptocurrency withdrawals on Sunday. According to the exchange's initial report, users had withdrawn $4.6 billion, while deposits totaled approximately $1 billion. As a result, net outflows reached $3.6 billion.
However, subsequent data from analytics platform DefiLlama showed that the difference between withdrawals and deposits had increased to $5.8 billion over 24 hours.
Binance representatives acknowledged that withdrawals surged immediately after operations resumed. However, the exchange said the pace of outflows has since slowed and the situation is stabilizing.
The company also emphasized that the outflows represent a relatively small portion of its total assets, estimated at approximately $171 billion.
Binance gradually restores operations after hack
According to Binance's latest update, the exchange has resumed token withdrawals across 15 blockchain networks, including Bitcoin, Ethereum, BNB Smart Chain, and XRP Ledger.
Additional assets and networks will be restored in phases. The company has not yet specified when all operations will become available again.
According to preliminary Binance data, the largest share of withdrawals involved the USDT stablecoin, followed by USDC and Bitcoin (BTC).
The massive capital outflows represent the first major test of customer confidence in Binance following the $6.3 billion hack, considered the largest cryptocurrency theft in history.
On Saturday, the exchange announced that it had already replaced 90% of the stolen assets using its corporate reserves, the Secure Asset Fund for Users (SAFU), and its futures insurance fund.
How the Binance hack happened
The cyberattack on Binance occurred on October 29. The attackers gained access to the exchange's hot wallets and stole approximately $6.3 billion worth of cryptocurrencies. According to preliminary investigation findings, the hackers may have compromised the laptop of one of the company's engineers responsible for its technical infrastructure. This allowed them to infiltrate Binance's internal systems and initiate unauthorized transfers. However, the exchange said it had found no evidence that cryptocurrency wallet private keys had been compromised.
Most of the funds were stolen within approximately 20 minutes, with transfers taking place across multiple blockchain networks. Binance later reported that the investigation had uncovered additional methods used to infiltrate its infrastructure. Blockchain analytics firms TRM Labs and Elliptic have linked the attack to North Korean hackers, who are also suspected of carrying out the $1.5 billion hack of the Bybit exchange in February 2025.
As a reminder, Bitcoin ETFs recently recorded their largest outflows in four months.
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