Binance Sees $3.64 Billion in Net Outflows After Resuming Withdrawals Following Record $6.3 Billion Hack

Binance recorded $3.64 billion in net outflows on Sunday, November 1, after reopening withdrawals following the largest cryptocurrency exchange hack on record. Between 0600 and 1530 GMT, the platform processed $4.649 billion in withdrawals against $1.01 billion in deposits, a net loss equal to roughly 2.1% of its $171 billion in assets under management. The exchange said withdrawal volumes spiked in the first couple of hours then declined and stabilized, and that deposit volumes remained substantial throughout.

The theft, valued at $6.3 billion to $6.4 billion depending on the source, was attributed to North Korea's TraderTraitor hacking group by the FBI, and blockchain analytics firm Chainalysis said it has "a high degree of confidence that DPRK is responsible." President Trump, however, said the country's involvement remains uncertain. Binance said it has replaced 95% of stolen assets. The attack began with five wallets drained in four minutes, with XRP targeted first before funds moved across multiple assets including Bitcoin and Solana.

Launderers moved quickly across chains. Chainalysis confirmed the Tron operation spanned more than 1,000 addresses and over 3,000 deposits before funds dispersed further. Analyst SomaXBT traced approximately $242 million laundered via Tron, with crypto bridges Relay, THORChain, Chainflip, and Symbiosis moving about $140 million off Tron, Relay handling the largest share at $48 million. The FBI issued an October 31 request urging THORChain node operators and downstream fund holders to block transactions tied to listed addresses. Separately, 18,270 Bitcoin valued at approximately $1.4 billion remained frozen across 19 FBI-listed addresses as of Sunday with no movement detected.

Hackers also converted $96 million in Solana to Bitcoin, raising questions about whether the swap contributed to SOL's price decline, though analysts noted Solana's drop began before those wallet movements. Bitcoin ETFs saw $643.2 million in outflows on Friday, the first full trading session after the hack, leaving October with roughly $516 million in net ETF outflows overall. Some analysts described Bitcoin's limited price decline as a potentially bullish signal reminiscent of market behavior during the FTX collapse.

Blockaid co-founder Ido Ben-Natan said the sophistication of the Binance attack was essentially identical to the earlier Bybit hack, with the dollar amount being the primary difference, and warned that hackers are increasingly using AI to improve their methods. The Binance breach pushes total crypto losses to hacks in 2026 above $8.6 billion, with Bybit, Bitget, Liquid, KelpDAO, and Drift among other major incidents this year.