# Binance Users Withdraw $3.6bn Following Record Crypto Hack Exchange processes massive outflows after restoring services post-breach. - **Source:** [BBC News](https://www.bbc.co.uk/news/business) - **Published:** 2026-11-02 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/5658a0e1-6925-46a0-b9dc-a2d6db2d42fb ## Massive Post-Hack Liquidity Outflow Binance experienced a net outflow of $3.64 billion on Sunday as the platform resumed operations following a record-breaking cyber-attack. Customers processed $4.649 billion in withdrawals against $1.01 billion in deposits between 06:00 and 15:30 GMT. The exchange noted that while withdrawal spikes were initially high, transaction volumes are currently stabilizing as expected. ## Scope of the Breach The security incident impacted approximately $6.3 billion worth of digital assets, marking it as the largest hack in history. The attack specifically targeted Binance.com, the global centralized exchange, while the US-facing platform remained unaffected. Investigations suggest the breach originated from a compromised laptop belonging to an internal engineer at the firm. ## Attribution to Lazarus Group The FBI and other major organizations have attributed the cyber-attack to the North Korean group known as TraderTraitor or the Lazarus Group. This entity previously stole $1.5 billion from the Bybit exchange in 2025. The FBI has released specific cryptocurrency wallet addresses linked to the group, urging industry partners to block associated transactions. ## Asset Recovery and Coverage Binance has successfully covered approximately 95% of the stolen assets, utilizing its corporate treasury, futures insurance, and emergency reserve funds. The firm maintains a total reserve of $6.34 billion to address the fallout. Management has repeatedly committed to fully covering all financial losses linked to the incident for its global user base. ## Operational Status and Resumption Withdrawals for over two dozen major cryptocurrencies, including Bitcoin and Ethereum, have officially resumed. The exchange is currently conducting phased service restoration, contingent upon the completion of rigorous security checks. Users are advised that while core trading functions are returning, full service availability will be managed in stages to ensure platform integrity. ## Impact on Total Assets Despite the significant $3.64 billion outflow, Binance reported that these withdrawals represent just over 2% of the $171 billion in total assets under its management. This ratio suggests that the exchange maintains sufficient liquidity to handle the current surge in customer activity without compromising its overall financial stability or operational solvency. ## Security Infrastructure Vulnerabilities The incident highlights critical risks associated with centralized exchange security, particularly regarding internal access points. By compromising an engineer's device, attackers bypassed standard protocols to execute unauthorized transactions. This event underscores the necessity for stricter endpoint security and internal monitoring within large-scale financial platforms to prevent similar unauthorized access to global digital assets. ## Future Industry Implications The scale of this hack forces a re-evaluation of security standards for global crypto exchanges. As North Korean state-linked groups continue to target digital finance, exchanges must enhance collaboration with law enforcement to freeze stolen assets. The ability of Binance to absorb these losses will likely set a new benchmark for institutional crisis management. ## Sources covering this story - https://www.bbc.co.uk/news/articles/cwj34gdmnly4o?at_medium=RSS&at_campaign=rss — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._