CoinDesk
Binance customers withdrew $10.97 billion in cryptocurrency in the 46 hours after a $6.4 billion hack, leaving withdrawals $5.28 billion ahead of deposits, according to figures shared by CEO Richard Teng. The FBI attributed the Oct. 29 attack to North Korea's TraderTraitor hacking group.
Why it matters
The outflows show the scale of funds moving off Binance in the attack's immediate aftermath, but they should not be treated as withdrawals caused entirely by the breach. The stolen $6.4 billion and the subsequent customer withdrawals are separate figures.
Withdrawal pressure peaked on Nov. 1. In the most intense hour, $936 million more left the exchange than entered, while gross withdrawals reached $1.24 billion.
Market impact
Flows slowed over the next two days. From Nov. 1 to early Nov. 3, deposits totaled $5.69 billion. By 03:00 UTC on Nov. 3, hourly deposits were about $10 million higher than withdrawals, though cumulative net outflows still stood at $5.28 billion.
Teng cited the hourly reversal as a sign of stabilization, saying deposits were beginning to exceed withdrawals. The change offers an early indication that immediate withdrawal pressure had eased, but the cumulative deficit remained a substantial measure of funds leaving Binance.
Frequently asked questions
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How much did Binance customers withdraw after the hack?
Customers withdrew $10.97 billion in cryptocurrency over 46 hours. Withdrawals exceeded deposits by $5.28 billion.
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How large was the hack, and who did the FBI blame?
The hack was valued at $6.4 billion. The FBI attributed the Oct. 29 attack to North Korea's TraderTraitor hacking group.
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When did Binance's withdrawal pressure peak?
Pressure peaked on Nov. 1. During the most intense hour, $936 million more left Binance than entered, and gross withdrawals reached $1.24 billion.
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What changed in Binance's hourly flows by Nov. 3?
By 03:00 UTC on Nov. 3, hourly deposits exceeded withdrawals by about $10 million. Teng cited the shift as a sign of stabilization.
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Do the $6.4 billion hack and $5.28 billion in net outflows measure the same funds?
No. The stolen $6.4 billion and subsequent customer withdrawals are separate figures, and the outflows cannot all be attributed to reactions to the breach.
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