Binance Users Withdraw $3.6bn After Record Crypto Heist
BBC News reports on a significant event in the cryptocurrency world:
Binance customers withdrew a substantial $3.6 billion (£2.7 billion) from the world's leading cryptocurrency exchange following the largest-ever crypto hack. The exchange reopened on Sunday, a day after suspending all transactions due to an incident affecting $6.3 billion worth of digital assets.
Major organizations, including the FBI, have accused North Korea's TraderTraitor (Lazarus Group) of being behind the cyber-attack. This group is known for previous high-profile heists, including a $1.5 billion steal from crypto exchange Bybit in 2025.
According to Binance:
- Between 06:00 and 15:30 GMT on November 1, there was a net outflow of approximately $3.64 billion.
- This withdrawal amounts to just over 2% of the $171 billion in assets under management.
- Binance has covered around 95% of the stolen assets and is working to locate the remaining amount.
- Withdrawals of major cryptocurrencies like Bitcoin and Ethereum have resumed, and more services will gradually return online once security checks are completed.
The hack is believed to have originated from a compromised laptop belonging to an engineer, allowing hackers to execute unauthorized transactions. Binance has assured customers that it will cover all losses resulting from the attack.