A $6.3 bn theft at Binance led to a $3.6 bn net outflow as customers withdrew funds, while scammers flooded the internet with fake compensation offers.
On Thursday, November 1, 2026, cryptocurrency exchange Binance disclosed a theft of roughly $6.3 billion – the largest crypto heist on record. The breach, which U.S. authorities link to a North‑Korean group called TraderTraitor, forced Binance to freeze withdrawals while it investigated and secured its systems.
How much money moved
After the freeze was lifted in a phased reopening on Sunday, the platform processed $4.6 billion in withdrawals and $1 billion in deposits. The net outflow amounted to about $3.6 billion, or 2.1 % of Binance’s $171 billion in assets under management, according to the company’s proof‑of‑reserves snapshot.
Hack size: $6.3 bn (≈ £2.7 bn)
Net outflow: $3.6 bn (≈ £2.5 bn)
Assets under management: $171 bn
Withdrawal volume after reopening: $4.6 bn
Binance said it has already replenished about 90 % of the stolen tokens and will cover the remaining 10 % using its secure asset fund, futures insurance fund and corporate treasury.
Impact on investors and the crypto market
The hack sent shockwaves through the broader crypto market. U.S. spot Bitcoin ETFs recorded a $643 million net outflow on Friday, their first trading day after the breach, with BlackRock’s IBIT losing $233.7 million and Fidelity’s FBTC shedding $201 million. Options traders also shifted dramatically: put options made up 68 % of Bitcoin options premiums in the first 12 hours after the hack, up from 43 % in the preceding five days.
Derive.xyz’s chief executive Nick Forster said the probability of Bitcoin reaching $100,000 by year‑end fell from 6 % to just 3.5 % after the incident. Bitcoin itself settled at $77,786, below the $80,000 level that traders had been pricing in.
For readers who follow the market, the outflow is a reminder that large‑scale security breaches can quickly erode confidence in crypto‑linked products, prompting investors to move to more traditional assets.
Scam warnings and security concerns
Binance founder Changpeng Zhao (CZ) warned that “scammers are in overdrive” as users scramble to withdraw funds. Fake screenshots promising $150 in “free compensation” for withdrawal suspensions have been circulating online. CZ posted on X that these images are fabricated and urged users to rely only on official Binance channels.
Federal investigators have confirmed that the stolen assets were being laundered through decentralized finance platforms and instant‑swap services, and they have urged private‑sector firms to block transactions linked to the identified addresses.
What to watch next
Analysts will be monitoring three key developments:
Further withdrawals and deposits – Binance’s phased reopening will continue, and the pace of net outflows will indicate whether confidence is returning.
Regulatory response – Global regulators, including South Korea’s financial authority, are holding emergency meetings to assess crypto‑exchange cybersecurity standards.
Legal and insurance outcomes – Binance has set aside about $6.34 bn to cover the loss; how the company’s insurance policies and the FBI’s ongoing investigation play out could affect future liability and industry practices.
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Binance saw $3.64bn in net outflows as customers withdrew funds after a $6.3bn hack attributed to North Korea. The company says it has covered 95% of the losses.
