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SecurityQuiet 9d · day 10

Binance withdrawals spike then stabilize after $6.3B North Korea-linked hack

The exchange reopened after covering 95% of stolen funds, but customers pulled $3.64 billion on the first day back.

newest coverage 9d agosummary written 9d ago13 pieces NewswiresGoogle News

What to know

  • Binance resumed service after covering 95% of the $6.3 billion stolen in what analysts call possibly the largest financial robbery ever.
  • The FBI attributes the attack to North Korea's TraderTraitor unit, but President Trump says North Korean involvement is still unconfirmed.
  • Customers withdrew $3.64 billion (2.1% of assets) on reopening; Binance says outflows are now stabilizing while third-party trackers like DefiLlama show higher, still-rising figures.
  • Crypto markets took a hit — bitcoin and ether touched multi-week/month lows and stablecoin market caps and bitcoin ETFs saw outflows — with partial recovery over the weekend.

“A hack at a financial institution means stolen usernames and passwords. A hack at a crypto exchange is bank robbery at the speed of the internet, which creates an unstable risk profile for anyone responsible for other people's capital.”

Ari Redbord, Global head of policy, TRM Labs · Investing.com ↗ · Nov 1

Binance World's largest cryptocurrency exchangeFBI US law enforcement agencyTraderTraitor (North Korea) Alleged state-sponsored hacking unitDonald TrumpDonald Trump US PresidentAri Redbord Global head of policy, TRM LabsJay Koh Vice president, Asia Web3 AI Association

Binance withdrawals spike then stabilize after $6.3B North Korea-linked hack
Investing.com News

How it unfolded 2 developments, newest first · click a bar or a number to jump articles

Peak 5 pieces in 3h at Nov 1, 8 PM; 13 pieces over 10 days (13 articles) Nov 1, 12 AM — 1 piece · 1 article — Newswires 1Nov 1, 2 AM — quietNov 1, 5 AM — quietNov 1, 8 AM — 1 piece · 1 article — Google News 1Nov 1, 11 AM — 2 pieces · 2 articles — Newswires 2Nov 1, 2 PM — 1 piece · 1 article — Newswires 1Nov 1, 5 PM — 1 piece · 1 article — Google News 1Nov 1, 8 PM — 5 pieces · 5 articles — Newswires 3, Google News 2Nov 1, 11 PM — 1 piece · 1 article — Newswires 1Nov 2, 2 AM — 1 piece · 1 article — Newswires 1Nov 2, 5 AM — quietNov 2, 8 AM — quietNov 2, 11 AM — quietNov 2, 2 PM — quietNov 2, 5 PM — quietNov 2, 8 PM — quietNov 2, 11 PM — quietNov 3, 2 AM — quietNov 3, 5 AM — quietNov 3, 8 AM — quietNov 3, 11 AM — quietNov 3, 2 PM — quietNov 3, 5 PM — quietNov 3, 8 PM — quietNov 3, 11 PM — quietNov 4, 2 AM — quietNov 4, 5 AM — quietNov 4, 8 AM — quietNov 4, 11 AM — quietNov 4, 2 PM — quietNov 4, 5 PM — quietNov 4, 8 PM — quietNov 4, 11 PM — quietNov 5, 2 AM — quietNov 5, 5 AM — quietNov 5, 8 AM — quietNov 5, 11 AM — quietNov 5, 2 PM — quietNov 5, 5 PM — quietNov 5, 8 PM — quietNov 5, 11 PM — quietNov 6, 2 AM — quietNov 6, 5 AM — quietNov 6, 8 AM — quietNov 6, 11 AM — quietNov 6, 2 PM — quietNov 6, 5 PM — quietNov 6, 8 PM — quietNov 6, 11 PM — quietNov 7, 2 AM — quietNov 7, 5 AM — quietNov 7, 8 AM — quietNov 7, 11 AM — quietNov 7, 2 PM — quietNov 7, 5 PM — quietNov 7, 8 PM — quietNov 7, 11 PM — quietNov 8, 2 AM — quietNov 8, 5 AM — quietNov 8, 8 AM — quietNov 8, 11 AM — quietNov 8, 2 PM — quietNov 8, 5 PM — quietNov 8, 8 PM — quietNov 8, 11 PM — quietNov 9, 2 AM — quietNov 9, 5 AM — quietNov 9, 8 AM — quietNov 9, 11 AM — quietNov 9, 2 PM — quietNov 9, 5 PM — quietNov 9, 8 PM — quietNov 9, 11 PM — quietYesterday, 2 AM — quietYesterday, 5 AM — quietYesterday, 8 AM — quietYesterday, 11 AM — quietYesterday, 2 PM — quietYesterday, 5 PM — quietYesterday, 8 PM — quietYesterday, 11 PM — quietToday, 2 AM — quiet 12
Nov 2Nov 3Nov 4Nov 5Nov 6Nov 7Nov 8Nov 9now · 5:42 AM ET
  1. 2

    Markets show tentative recovery as Binance reports stabilizing flows

    Bitcoin, which hit a six-week low on Friday, recovered to above $78,000 and ether to $2,287, even as stablecoin market caps fell $1.2 billion and spot bitcoin ETFs shed $643 million; Binance said withdrawals were stabilizing and deposits remained substantial.

    “A hack at a crypto exchange is bank robbery at the speed of the internet, which creates an unstable risk profile for anyone responsible for other people's capital.”
    — Ari Redbord
  2. background

    Customers withdraw $3.64 billion as exchange reopens — Binance customers pulled $3.64 billion, or 2.1% of assets, in an initial spike upon the exchange's return to service, with withdrawals rolled out in phases prioritizing 15 tokens including bitcoin, ether, USDC, USDT and dogecoin.

  3. 1

    Binance returns online after covering 95% of stolen assets

    Binance said it used company money, including its $1 billion SAFU reserve, to buy replacement tokens covering $6 billion of the stolen crypto, with the remaining 5% in less liquid assets expected to take longer to source.

    1. 7 outlets Binance sees spike in withdrawals as exchange returns online after $6.3B heist

      first by NY Post, 9d ago · also Channel News Asia, The Hindu, Indian Express, Investing.com News, Reuters, RTÉ

      2 more headlines
  4. background

    Trump says North Korea's role remains unclear — Speaking to reporters, Trump declined to confirm North Korean involvement despite the FBI's attribution and analysts' findings.

  5. background

    FBI attributes the attack to North Korea's TraderTraitor unit — The FBI said the North Korean state-sponsored unit known as TraderTraitor was responsible, and that it observed stolen assets being converted into ether, expecting further laundering.

  6. background

    Blockchain analysts link the heist to North Korea — US blockchain analysis firms TRM Labs and Chainalysis said the attack bore similarities to previous large thefts blamed on North Korea.

  7. background

    Hackers steal $6.3 billion from Binance in ~20 minutes — The bulk of the theft occurred late Thursday in around 20 minutes, in what analysts believe may be the biggest financial robbery ever.