Binance resumes services following $6.3 billion digital asset theft
Binance has restored its online platform after a major security breach resulted in the theft of $6.3 billion, leading to $3.64 billion in customer withdrawals during the initial reopening.
Global cryptocurrency exchange Binance restored its online services on Sunday following a security breach that resulted in the loss of $6.3 billion in assets. As services resumed, users withdrew approximately $3.64 billion, accounting for roughly 2.1% of the platform's total asset base. Binance officials stated that while withdrawal activity spiked initially, it has since stabilized.
The company confirmed it has replaced 95% of the stolen funds using a combination of its own capital and its Secure Asset Fund for Users (SAFU). The remaining 5% consists of lower-liquidity assets, which the exchange noted may take more time to replenish. In parallel, Binance is collaborating with other industry entities to freeze stolen funds, having secured approximately $3 billion in assets as of Friday.
Industry analysts have described the incident as one of the largest financial thefts on record, highlighting the recurring vulnerability of cryptocurrency platforms to large-scale attacks. Discrepancies between Binance’s reported net outflows and data from third-party platforms like DefiLlama have surfaced, which the exchange attributed to the tracking of transfers between internal hot wallets.
Binance is currently processing withdrawals in stages, prioritizing major tokens such as Bitcoin and Ethereum. As of October 28, the exchange reported managing $171 billion in total assets for its 335 million registered users.