BUSINESS TIMES SG · 2026-11-01 22:11 UTC

Binance sees spike in withdrawals as exchange returns online after US$6.3 billion heist

Binance customers withdrew $3.64 billion (2.1% of assets) after the exchange returned online following a $6.3 billion hack attributed by the FBI to North Korean state-sponsored unit TraderTraitor. Binance said it covered 95% of stolen assets using company money to buy replacement tokens, with withdrawals being processed in phases prioritizing high-demand tokens like bitcoin and ether. Analysts consider this potentially the biggest financial robbery ever; the FBI said it expects further laundering of stolen assets through cryptocurrency conversions.

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