Binance's customers have withdrawn a net $4.72 billion from the world's biggest cryptocurrency exchange since it reopened, after hackers stole around $6.3bn of crypto from the platform in what could be the largest-ever financial heist. The exchange froze withdrawals for more than two days after the hack, which the Federal Bureau of Investigation (FBI) said was carried out by North Korea, then started allowing customers to withdraw again on Sunday morning.
The theft has underlined the vulnerability of digital assets to attacks and raised questions about the impact of the hack on Binance, which has vowed to repay customers in full. Binance said the net outflows amounted to around 3% of the assets on its platform, a relatively modest figure that analysts said suggested customer confidence had largely held up.
Most withdrawals from the platform were in the form of Tether's USDT stablecoin, Binance added. The outflow compares with about $7bn withdrawn from Circle's USDC stablecoin over a week after the collapse of Silicon Valley Bank in 2023.
Binance itself processed net outflows of about $6bn over 72 hours in 2022 after the collapse of FTX. The attack marks a step-up in North Korea's crypto thefts.
Blockchain analytics firm TRM Labs said North Korea-linked hackers have stolen $7.4bn so far in 2026. Analysts and crypto experts said the fallout appeared limited so far, and there was little sign of an impact on broader financial markets despite deepening ties between crypto and mainstream finance in recent years.
"Binance will absorb the financial impact of the stolen funds, not our users," the company said in a statement on X. Binance said it was covering the losses with company funds and had already raised $6bn from its corporate treasury, an insurance fund and reserves set aside for security breaches.
"It has not yet triggered widespread panic or a massive, concentrated withdrawal," said Tim Sun, a senior researcher at HashKey Group, a digital asset financial service company in Hong Kong. Binance, which says it has more than 335 million users worldwide and average daily trading volumes of $95bn across digital assets and derivatives, said it had also seen $2.7bn in customer inflows since Sunday and that withdrawal volumes were stabilising after an "initial spike."
Data from data analytics provider DeFiLlama showed several crypto exchanges received notable inflows to their platforms since Binance opened withdrawals, although it was unclear what share came from users moving funds off Binance. OKX recorded $284.87m in inflows in the last 24 hours, followed by Gate with $93.22m in inflows and Bybit, which saw $29.25m in inflows.
Some traders, like Binance user Ryan Tan, said he was in no hurry to withdraw his funds from the platform, as he had already kept his account fairly light since the collapse of FTX four years ago. "After the FTX collapse, I decided to hold everything on my wallet instead of leaving them on exchanges," said the 39-year-old.
After hitting a six-week low on Friday, bitcoin (BTC) prices recovered through the weekend to trade above $77,000 on Monday, while ether (ETH) also rebounded from a two-month low.