Binance has reported signs of stabilisation in customer withdrawals after resuming services following a security breach linked to North Korea, in which approximately $6.3 billion worth of cryptocurrency was reportedly stolen.
Customers withdrew $3.64 billion, equivalent to 2.1% of the exchange’s assets, as the platform returned online. Binance said withdrawal activity had begun to stabilise following an initial surge, while deposit volumes remained substantial.
The incident has raised concerns about investor confidence in the world’s largest cryptocurrency exchange and has been described by analysts as potentially one of the biggest financial thefts on record.
Binance Reassures Investors
Binance, which allows users to buy, sell and trade digital assets, said it had covered 95% of the assets stolen in the attack.
The exchange reported having 335 million registered users worldwide and total assets under management of $171 billion as of October 28.
Customer withdrawals are being closely watched as an early indicator of whether investors continue to trust the platform with their funds following the security breach.
Bitcoin and Ether Recover Slightly
Cryptocurrency markets showed some signs of recovery after experiencing losses on Friday.
Bitcoin, which had fallen to a six-week low, recovered slightly over the weekend and was trading above $78,000 on Monday.
Ether also rebounded modestly after reaching a two-month low on Friday, trading at around $2,287.
However, the broader market remained under pressure amid concerns about the security breach and its potential impact on investor confidence.
Binance to Resume Withdrawals After Recovering 95% of $6.3 Billion in Stolen Crypto
Crypto Theft Raises Security Concerns
The Binance incident adds to a series of major cryptocurrency thefts reported in recent years.
According to researchers at TRM Labs, attackers stole approximately $2.9 billion worth of cryptocurrency across nearly 150 incidents last year.
The latest breach has renewed concerns about the security risks facing cryptocurrency exchanges, particularly those handling large amounts of customer funds.
TRM Labs global head of policy Ari Redbord said the incident could be particularly unsettling for conservative institutional investors responsible for managing other people’s capital.
He explained that a cyberattack on a traditional financial institution could expose usernames and passwords, whereas an attack on a cryptocurrency exchange could result in large-scale financial losses within a very short period.
Binance began restoring withdrawals in phases at 06:00 UTC on November 1, 2026. By 12:36 UTC, withdrawals had resumed for all 15 networks and assets in the initial phase. After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial.
Between 06:00 and 15:30 UTC on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion. This represents 2.1% of our $171 billion in total assets under management (AUM), based on the latest available Proof of Reserves (PoR) data as of October 28, 2026. A new PoR snapshot was taken at 00:00 UTC on October 31, and zero-knowledge proof (ZKP) computation began. The updated report is expected to be available on our PoR website tomorrow.
Our team continues testing rigorously the remaining networks and assets. We know how important safe and reliable access to your funds is and will share details of the next phase as soon as we can. Rest assured that market conditions are stable.
Thank you for your patience and continued support.
— Binance (@binance) November 1, 2026
Stablecoin Market Also Faces Pressure
The impact of the incident has also been reflected in the stablecoin market.
The combined market capitalisation of the two largest stablecoins, Tether (USDT) and USD Coin (USDC), declined by approximately $1.2 billion between Friday and Monday, according to CoinMarketCap data cited in the report.
Stablecoin market capitalisations can provide an indication of movements in and out of the cryptocurrency market. Their recent decline has added to concerns about investors reducing their exposure to digital assets.
Meanwhile, spot Bitcoin exchange-traded funds recorded $643 million in outflows on Friday, their largest single-day withdrawal of October.
More than $1.3 billion in leveraged cryptocurrency positions were also liquidated, according to Redbord.
The developments highlight the pressure facing the cryptocurrency market as Binance works to restore confidence following one of the sector’s most significant reported security breaches.
