Binance customers withdraw nearly $5 billion following record cryptocurrency hack - Riviera Radio
Customers of cryptocurrency exchange Binance have withdrawn nearly $5 billion following a major cyberattack that saw hackers steal approximately $6.3 billion in digital assets.
The world's biggest cryptocurrency exchange temporarily suspended withdrawals for more than two days before gradually reopening services on Sunday, 1 November. According to Reuters, net customer withdrawals reached approximately $4.72 billion after services resumed, representing around 3% of the assets held on the platform.
North Korean hackers blamed
The FBI has identified TraderTraitor, a North Korean state-sponsored hacking group also known as Lazarus, as responsible for the attack. The group was previously linked to the $1.5 billion theft from cryptocurrency exchange Bybit in 2025.
Initial investigations suggest the Binance breach may have originated from a compromised employee laptop, allowing hackers to carry out unauthorised transactions.
Binance promises to reimburse customers
Binance has reassured customers that it will absorb the financial impact of the attack. The company says it has already secured around $6 billion through its corporate treasury, insurance funds and emergency reserves to replace stolen assets.
Meanwhile, cryptocurrency issuers have frozen some of the stolen funds, including more than $1.1 billion in USDC. Despite the scale of the attack, analysts say the wider cryptocurrency market has so far avoided widespread panic. Bitcoin recovered above $77,000 on Monday after falling to a six-week low, while other major cryptocurrencies also rebounded.
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