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Osmond Cheer Business Reporter
Binance, a major crypto asset (virtual currency) trading company that was hacked last week, resumed operations on the 1st. Net outflows from customer withdrawals on that day amounted to $3.64 billion (approximately 570 billion yen).
Binance was hacked and all trading was suspended. Digital assets worth $6.3 billion were initially stolen from the platform.
Major investigative authorities, including the US Federal Bureau of Investigation (FBI), have blamed a group of North Korean hackers for this cyberattack, which is considered the largest hacking incident in history.
Binance said it has already compensated for about 95% of the stolen assets, but that it may take time to compensate for the rest. It has repeatedly stated that it will fully compensate for any losses related to this attack.
"Between 6:00 a.m. and 3:30 p.m. (GMT) on November 1, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits. Net outflows were approximately $3.64 billion," Binance said in a statement. Withdrawals initially "rose rapidly," but have since declined and are "starting to stabilize as expected."
This is equivalent to 2.1% of the company's total assets under management of $171 billion. The company said on October 30 that it had set aside about $6.34 billion in internal funds to cover losses from the attack.
The company also revealed that withdrawals for more than 20 major cryptocurrencies, including Bitcoin and Ethereum, have resumed, and that more services will be gradually restarted once security checks are completed.
The attack on Binance was attributed to a North Korean cybercrime group known as Trader Traitor and Lazarus Group. In 2025, the group stole a then-record $1.5 billion from the US cryptocurrency exchange Bybit.
On October 31st, the FBI released a list of virtual currency wallet addresses associated with the group. We called on industry stakeholders to help us block transactions involving these wallets.
The latest hack targeted Binance.com, Binance's global centralized exchange (CEX), but the company said that its American platform was not affected.
Binance.com has issued an urgent request to cryptocurrency issuers to freeze affected assets.
As of last week, Binance announced that an initial investigation revealed that the incident may have started when an engineer's laptop was compromised and hackers found a way to conduct fraudulent transactions.
The company said it used a combination of sources, including its own funds, futures insurance funds and emergency reserves, to replenish customers' assets.
"Our position remains unchanged. Binance will fully compensate for the financial loss of the funds stolen in this incident," the company said in a statement.
Virtual currencies, which are digital assets, are bought and sold on virtual exchanges such as Binance. Unlike cash, it has no physical form and is managed on computers, smartphones, and other digital devices.
Binance was founded in China and has hundreds of millions of registered users around the world.
(English article Binance users withdraw $3.6bn after record crypto hack)
