Binance customers pulled a net $3.64bn from the world’s largest cryptocurrency exchange on Sunday as trading access returned after a Binance crypto hack that hit about $6.3bn in digital assets. The firm had frozen transactions after the breach, then reported heavy withdrawals once services began to reopen.
Between 06:00 and 15:30 GMT on November 1, Binance said it processed $4.649bn in withdrawals and $1.01bn in deposits, leaving a net outflow of roughly $3.64bn. It described an early spike in withdrawals that later eased and said outflows were “stabilising as expected.” That Sunday net figure was just over 2% of the $171bn the exchange said it holds under management.
Who is blamed and what Binance says it will cover
Major organisations, including the US Federal Bureau of Investigation (FBI), have accused North Korea of carrying out the cyber-attack, described as the largest hack on record. Binance said it has covered around 95% of the assets stolen and that the rest may take longer to source, while repeating that it would cover all losses linked to the attack. Last week it also said it had reserved more than $6.34bn to manage the fallout from the Binance crypto hack.
Services coming back in stages
The company said withdrawals of more than two dozen major cryptocurrencies, including Bitcoin and Ethereum, have resumed. Further services, it added, will return in phases after security checks are finished. For Pakistani savers and traders who keep funds on large global platforms, the sequence—freeze, partial reopen, then large outflows—underlines how quickly access and confidence can shift when an exchange is hit.
Timeline: what has happened so far
- Last week: A record breach struck Binance, affecting about $6.3bn in digital assets; the exchange suspended transactions and said it reserved more than $6.34bn for the fallout.
- Last week: Binance said it would cover all losses tied to the attack and later reported covering around 95% of stolen assets, with the remainder still being sourced.
- After the incident: The FBI and other major organisations accused North Korea of responsibility for the cyber-attack.
- November 1 (Sunday): The exchange reopened enough for large flows; between 06:00 and 15:30 GMT it logged $4.649bn in withdrawals and $1.01bn in deposits (about $3.64bn net outflow).
- November 1: Binance said the initial withdrawal spike later declined and was stabilising, and that withdrawals for more than two dozen major coins such as Bitcoin and Ethereum had resumed, with other services due in phases after security checks.
Aasan alfaaz mein
Binance par badi hacking hui, jismein lagbhag $6.3bn ke digital assets mutasir hue. Company ne pehle transactions band kiye, phir Sunday ko services khulte hi users ne net $3.64bn nikaal liye. Binance ka kehna hai keh chori hone wale assets ka roughly 95% hisa us ne cover kar diya hai, aur Bitcoin, Ethereum jaisi bohot si coins ki withdrawals dobara shuru ho gayi hain. Jo log crypto exchange par paise rakhte hain, un ke liye yeh yaad dilata hai keh security alert ke baad nikaasi aur intezar dono tez badal sakte hain.
