Binance Sees $3.6 Billion Net Outflow Following Record Crypto Heist

OPA WIRE, Nov 2 (OPA) — Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 GMT on November 1, resulting in a net outflow of approximately $3.64 billion. The exchange, which had suspended all transactions following the incident, stated that withdrawal activity peaked early before stabilizing. The net outflow represents roughly 2% of the $171 billion in total assets currently under the firm's management.

The company confirmed it has covered approximately 95% of the stolen assets, utilizing a $6.3 billion reserve fund established to manage the fallout. While withdrawals for major cryptocurrencies including Bitcoin and Ethereum have resumed, the exchange noted that remaining services will be restored in phases pending further security audits. The FBI and other international agencies have attributed the breach to North Korean actors.

Chainalysis senior investigator Alex Zebrick reported that stolen funds are being actively laundered through thousands of digital addresses. Investigators are currently tracking these movements across multiple platforms to trace the assets. The complexity of the laundering process, which involves layering funds across numerous deposits, remains a significant hurdle for recovery efforts.

Binance has maintained its commitment to fully reimburse all affected users. As the exchange continues to normalize operations, the firm remains under intense scrutiny from global regulators and cybersecurity experts. The incident stands as the largest hack in cryptocurrency history, highlighting persistent vulnerabilities within digital asset infrastructure.