Binance restores withdrawals globally bringing relief to more than 30 African markets as $6.3 billion hack triggers $3.6 billion global exodus - Business Insider Africa
Binance has restored withdrawals globally after a $6.3 billion hack triggered $3.6 billion in net outflows, bringing relief to more than 30 African markets.
The phased restoration followed an initial surge in withdrawals, with Binance recording more than $3.6 billion in global net outflows on Sunday, according to data from cryptocurrency analytics platform DefiLlama. The exchange said withdrawal volumes were declining towards normal levels and represented a small proportion of its approximately $162.8 billion in assets under custody at the end of 2025.
This development creates a major confidence test for Binance in Africa, where cryptocurrency increasingly serves purposes beyond speculation, including cross-border payments, remittances, savings and access to dollar-denominated assets.
Hack impact and response
Hackers stole approximately $6.3 billion in digital assets from Binance's hot wallets on October 29, making it the largest recorded cryptocurrency theft. The bulk of the assets reportedly left the exchange in about 20 minutes.
Binance has used its corporate treasury, insurance reserves and its Secure Asset Fund for Users to replace approximately $6 billion, or 95%, of the stolen assets. The company said the remaining 5% comprised less-liquid tokens that could take longer to acquire in the quantities required.
Withdrawal volumes spiked at the beginning, however we are seeing a sharp downward trend and withdrawal levels are stabilising to what we would consider normal and expected on-chain activity.
African crypto growth
The breach comes as Sub-Saharan Africa emerges as the world's fastest-growing cryptocurrency region. Blockchain research company Chainalysis estimates that the region's cryptocurrency economy increased by 13.4% to $101 billion between July 2025 and June 2026.
South Africa's cryptocurrency market grew by 52% to $39.3 billion, while Nigeria recorded $38.1 billion in activity. Together, the two countries accounted for more than three-quarters of cryptocurrency transactions across Sub-Saharan Africa.
Ghana's market grew 80% to $5.1 billion, while Senegal's increased 215% to $2.3 billion. Ethiopia processed approximately $3.7 billion. Personal wallets received 32.3% of cryptocurrency value transferred in Sub-Saharan Africa during the period, the highest proportion recorded in any region globally.
North Korean connection
The United States Federal Bureau of Investigation attributed the attack to TraderTraitor, a North Korean state-sponsored hacking group. North Korea has previously denied using state-backed cyber units to steal cryptocurrency or generate revenue.
US President Donald Trump said Washington had not independently settled the question of North Korea's involvement. Around $3 billion of the stolen assets had been located or frozen with assistance from law-enforcement agencies, blockchain intelligence companies and digital-asset issuers.
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