Binance customers pull $3.6bn from crypto giant after record-breaking heist

Billions of dollars have been withdrawn from the world’s largest cryptocurrency exchange after hackers stole $6.3bn in an attack blamed on North Korea, with Binance scrambling to restore services and reassure customers

Customers have pulled $3.6 billion (£2.7 billion) from cryptocurrency giant Binance after hackers carried out what is believed to be the biggest crypto heist in history.

The world’s largest cryptocurrency exchange saw a rush of withdrawals on Sunday as it began allowing customers to access their digital assets again following the attack, which the FBI has blamed on North Korean hackers.

An estimated $6.3 billion in digital assets was stolen during the cyber-attack late last month, prompting Binance to suspend transactions as it investigated the breach and scrambled to restore access to customers’ funds.

In a statement published on X yesterday, Binance said: “Between 06:00 and 15:30 UTC on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion.”

The company, which is regulated in Abu Dhabi, insisted that the rush was slowing, with the net outflow representing just 2.1 per cent of its reported $171 billion in assets under management.

“After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial,” it added.

The attack, which forced Binance to suspend transactions, has been linked by the FBI to TraderTraitor, a North Korean hacking operation also associated with the notorious Lazarus Group.

The same network has been blamed for stealing $1.5 billion from rival cryptocurrency exchange Bybit in 2025, which was previously considered the largest theft of digital assets on record.

Investigators believe the Binance breach may initially have involved a compromised engineer’s laptop, potentially allowing attackers to gain access to systems used to authorise transactions.

Binance says it has already replaced around 95 per cent of the stolen funds to protect customers from losses, although covering the remaining amount could take longer.

Meanwhile, investigators are struggling to track down the stolen money as hackers move it between thousands of digital accounts, making it increasingly difficult to trace and recover.

Alec Zebrick, senior manager in global services at blockchain analysis firm Chainalysis, which has been working with Binance and government agencies, told the BBC’s Today programme that the stolen assets were still being moved.

“We continue to see funds being laundered quite actively,” he said.

The exchange has pledged to cover customers’ losses using its corporate treasury, futures insurance funds and emergency reserves rather than leaving account holders to bear the financial impact.

READ MORE: North Korean agents are infiltrating Western businesses by posing as employees, security chief warns. State sponsored hackers from North Korea and other hostile states are using fake identities, manipulated video interviews and stolen passwords to gain access to Western businesses. And thanks to AI, their methods are becoming increasingly sophisticated and difficult to detect, one of the UK’s leading cyber security chiefs has told The European.

Do you have news to share or expertise to contribute? The European welcomes insights from business leaders and sector specialists. Get in touch with our editorial team to find out more.

_{Main image: Cryptocurrency giant Binance has reported net customer withdrawals of $3.64 billion (£2.7 billion) after reopening its services following a record-breaking cyber-attack blamed on North Korean hackers, which saw an estimated $6.3 billion in digital assets stolen. Credit: Binance.}