Cryptocurrency exchange Binance saw $3.6 billion in net outflows as it restored operations this weekend, following the largest theft in the company’s history. The platform had suspended all transactions on Thursday after attackers stole $6.3 billion in assets.
Withdrawals Resume Following Security Breach
Binance began phasing in withdrawal services at 06:00 UTC on Sunday, three days after freezing its systems. By 12:36 UTC, the exchange had restored full access across 15 networks. According to company data, customers deposited $1.01 billion and withdrew $4.649 billion during the recovery period. The net outflow of $3.64 billion accounts for approximately 2.1% of the $171 billion in total assets under management.
Binance stated that withdrawal volumes spiked immediately upon restoration but began to stabilize shortly after. The company pledged to cover all losses resulting from the hack. It reported that it is currently working with other firms to freeze roughly $3 billion in stolen funds.
Attribution and Market Impact
Cybersecurity analysts and the FBI have linked the theft to North Korea. The crypto analytics firm Chainalysis noted that the attackers may have utilized artificial intelligence to execute thousands of transactions rapidly, exploiting infrastructure vulnerabilities.
Co-founder Changpeng Zhao addressed the incident on social media, emphasizing that company actions during crises determine customer trust. He also issued a warning to users regarding online scammers attempting to capitalize on the situation with fraudulent compensation offers.
Why it matters: This incident highlights the persistent vulnerability of major cryptocurrency exchanges to state-sponsored cyberattacks. For digital asset holders in the Middle East and globally, the event underscores the risks associated with centralized platforms and the potential for rapid, large-scale capital flight during periods of institutional insecurity.