Binance Customers Pull Out $4.72bn After $6.3bn Crypto Hack

By Adedapo Adesanya

Binance, the world’s largest cryptocurrency exchange, has recorded net customer withdrawals of $4.72 billion since reopening its withdrawal services following a hack that resulted in the theft of $6.3 billion in cryptocurrency.

The exchange suspended withdrawals for about 48 hours after the attack, which the Federal Bureau of Investigation (FBI) attributed to North Korean hackers, before lifting the restriction on Sunday morning.

A Binance spokesperson said customers had withdrawn a net $4.72 billion since services resumed, representing about 2.8 per cent of the assets held on the platform.

The outflows, however, have been described as relatively modest by analysts, suggesting that customer confidence in the exchange has largely remained intact despite the scale of the breach.

The withdrawals are lower than the approximately $6 billion in net outflows Binance recorded over 72 hours following the collapse of cryptocurrency exchange FTX in December 2022.

They also compare with about $7 billion withdrawn from Circle’s USDC stablecoin over one week after the collapse of Silicon Valley Bank in 2023.

Binance said it was covering the losses from its corporate resources and had already raised $6 billion through its treasury, insurance fund and reserves set aside for security breaches.

The exchange also said withdrawal volumes had declined after an initial surge and were stabilising, adding that it had recorded $2.7 billion in customer inflows.

“Our top priority right now is to ensure the environment is secure, after which users can withdraw their funds, and Binance can resume operations,” Binance co-chief executive officer, Ms Yi He, said in a post on X on Monday.

The incident marks an escalation in North Korea-linked cryptocurrency thefts, with blockchain analytics firm TRM Labs estimating that hackers linked to the country have stolen $7.4 billion so far in 2026.

Binance, which says it has more than 335 million users worldwide and average daily trading volumes of $95 billion across digital assets and derivatives, is seeking to reassure customers following the attack.

Meanwhile, Bitcoin recovered from a six-week low recorded on Friday to trade at around $78,000 on Monday, while Ether also rebounded from a two-month low to $2,284.28.