Cryptocurrency exchange Binance experienced a net outflow of approximately $3.6 billion after a massive $6.3 billion hack, as investors withdrew funds despite assurances of coverage. The platform has begun phased withdrawals, but remains shaken.
$6.3 billion
Total Funds Hacked
⏳ Time Machine
How today’s news fits into the bigger picture
February 2025
Bybit Suffers $1.5 Billion Hack
The cryptocurrency exchange Bybit was hit by a $1.5 billion hack, which was at the time the largest crypto theft, later attributed to North Korea-linked groups.
October 29, 2026
Binance Suffers $6.3 Billion Hack
Binance was targeted in the largest cryptocurrency heist in history, with $6.3 billion in digital assets stolen in about 20 minutes, allegedly by North Korea-linked hackers.
October 30, 2026
Binance Freezes Funds, Vows Coverage
Binance froze approximately $3 billion of the stolen stablecoins and publicly committed to covering all customer losses, temporarily halting withdrawals to secure the platform.
November 1, 2026
Withdrawals Resume in Phases
Binance began a phased restoration of withdrawal services, prioritizing assets based on customer demand, as it worked to stabilize its systems post-hack.
Today
Binance reports a net outflow of $3.6 billion following the $6.3 billion crypto hack.
What happens next?
Binance is expected to release its full report on the hack and proof of reserves, while regulators worldwide may implement stricter security guidelines for cryptocurrency exchanges.
Following the unprecedented $6.3 billion hack that targeted Binance, the world's largest cryptocurrency exchange, the platform has seen a significant net outflow of approximately **$3.6 billion** in funds. This substantial withdrawal by investors comes despite Binance's pledge to cover all losses from the hack, which has been attributed to North Korean hackers. While Binance has started a phased restoration of withdrawal services for various cryptocurrencies and blockchain networks, the large outflow indicates a shaken investor confidence and a cautious market reaction. The incident, which is considered the largest crypto heist in history, continues to highlight persistent security challenges within the digital asset ecosystem.
💭 If you're wondering…
A net outflow refers to the total value of assets withdrawn from a financial platform or market exceeding the total value of assets deposited into it over a specific period.
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