Binance Resumes Services After Cyberattack With $3.64B Net Outflows
10 sourcesUpdated Nov 2, 20261 min read
Binance saw about $3.64 billion in net withdrawals after it began restoring services following a cyberattack that stole roughly $6.3 billion in assets. The outflows—about 2.1% of the exchange’s total assets—followed $4.65 billion in withdrawals and $1.01 billion in deposits, and Binance says activity is now stabilizing while deposits remain significant. The exchange says it has replaced or recovered about 95% of the stolen assets and will absorb the losses rather than pass them on to customers; the remaining tokens are relatively illiquid and may take longer to replace. The incident and ensuing withdrawals are testing customer confidence in Binance, including in African markets where its services are used for payments, remittances, savings and access to dollar-linked assets.
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Left· 0 sources
No left coverage yet — a bubble gap.
Center· 2 sources
“Binance sees outflows stabilising as exchange back online”Glad they resumed withdrawals quickly, though the scale of the theft still shows exchanges need much stronger protections against these attacks.
Binance got most of the stolen funds back and is covering losses, but that much money leaving after the hack makes me wonder how secure they really are now.
