Binance has said it has processed over $3.6 billion in net outflows after the October 29 hack. The Federal Bureau of Investigation (FBI) believes hackers linked to North Korea were behind the exploit.
Binance, the worldโs largest cryptocurrency exchange, was hacked for $6.3 billion on October 29, forcing the platform to temporarily suspend deposit and withdrawal services.
Binance Witnessing Substantial Withdrawals
Besides processing just over $4.6 billion in withdrawals, the exchange also processed $1.01 billion in deposits, resulting in a net outflow of $3.64 billion. The outflows represent 2.1% of the platformโs $171 billion in total assets under management, according to a detailed post on X. Binance said it has covered 95% of the impacted funds. The outstanding 5% consists of smaller tokens which are less liquid and will take longer to source and cover.
โBetween 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. This represents 2.1% of our $171 billion in total assets under management (AUM), based on the latest available Proof of Reserves (PoR) data as of October 28, 2026.โ
The hack sent shockwaves through the cryptocurrency market, with Bitcoin (BTC) and other tokens registering notable declines. BTC traded above $81,000 on October 28 before plummeting over 4% to $77,793 on October 29. Volatility and bearish sentiment persisted on Friday (October 30) as the price fell to a low of $76,173 before closing at $77,187. BTC recovered over the weekend, rising 0.31% on Saturday and 1.04% on Sunday to cross $78,000 and settle at $78,233.
However, it was back in the red on Monday, dropping 1.99% to $76,674. BTC is currently up 0.25%, trading around $76,890.
Ethereum (ETH) also declined substantially after the hack, falling 4.61% to $2,248. The price fell to a low of $2,170 on October 30 before recovering and settling at $2,241. The worldโs second-largest cryptocurrency is currently trading around $2,263, up 0.60%. Ripple (XRP) fell nearly 7% after the hack, and Solana (SOL) fell 6.78% to $95.37.
FBI Links Exploit To North Korea
The Federal Bureau of Investigation (FBI) blamed the attack on North Korean hackers in a press release, stating:
โThe Federal Bureau of Investigation (FBI) is releasing information advising that the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6 billion USD in virtual assets from cryptocurrency exchange Binance, on or about October 29, 2026.โ
Binance co-CEO Richard Teng said multiple hackers were involved in the exploit. Initial investigations suggested a compromised laptop enabled the hack, but further investigations revealed several points of breach.
โThis was a complex attack. The attacker also used a self-destruct mechanism that destroyed tooling and tracers.โ
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