Binance Resumes Services After Cyberattack With $3.64B Net Outflows
10 sourcesUpdated Nov 2, 20261 min read
Binance suspended all transactions after a cyberattack stole $6.3 billion in assets. Services restored in phases starting 6:00 AM Sunday November 1. Between 06:00 and 15:30 GMT that day Binance processed $4.65 billion in withdrawals and $1.01 billion in deposits for $3.64 billion net outflows, or 2.1% of its $171 billion total assets from the October 28 Proof of Reserves. The exchange announced those figures on X. Changpeng Zhao posted on X to reassure users during the crisis: "98% choose to stay. Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times." Binance said it has replaced or recovered 95% of the stolen assets, set aside $6.34 billion to cover the incident including $5 billion in affected token assets, and that partners froze approximately $3 billion linked to the attack. It will absorb the losses rather than pass them on to customers. Withdrawals have begun stabilizing while deposits remain significant. No disagreement on the core numbers and events appears across the sources.
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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.
