Binance Customers Withdraw $4.72 Billion Following Record Cyberattack as Operations Stabilise

Binance customers have withdrawn a net $4.72 billion (Dh17.3 billion) from the cryptocurrency platform following last week's record $6.3 billion cyberattack, Gulf News reported. The exchange stated that outflows represent approximately 3 per cent of platform assets and are stabilising, with deposits and customer activity returning to normal. Binance resumed withdrawal services on Sunday after a suspension lasting more than two days.

Most of the funds pulled from the platform were in Tether's USDT stablecoin, according to Reuters. Alongside the outflows, Binance recorded $2.7 billion in customer inflows since Sunday. Speaking at Hong Kong Fintech Week on Tuesday, Binance co-CEO Richard Teng confirmed that deposits and withdrawals had largely normalised and asserted that the exchange maintains the financial capacity to absorb the attack's losses.

Binance stated that it has replenished 95 per cent of the affected cryptocurrency using its emergency protection fund and internal reserves. The remaining 5 per cent consists of less liquid tokens that the exchange is sourcing through over-the-counter providers. The platform currently reports serving over 335 million users globally, handling an average of $95 billion in daily trading across cryptocurrencies and derivatives.

Market observers noted limited wider disruption, with Tim Sun, a senior researcher at Hong Kong-based HashKey Group, stating that the event did not trigger a concentrated rush to withdraw funds. Meanwhile, the US Federal Bureau of Investigation attributed the hack to North Korea's TraderTraitor group, an allegation Pyongyang denied. Blockchain analytics firm Elliptic estimated attackers still control roughly $3.28 billion in stolen assets, while stablecoin issuers have frozen portions of the illicit funds, including over $1.1 billion in USDC by Circle.