The world’s largest cryptocurrency exchange is grappling with a massive exodus of capital after security experts identified what they believe to be the biggest digital coin theft in history. In the wake of the breach, Binance users withdrew more than 4.6 billion dollars from the platform. While some confidence returned on Sunday as transactions resumed for major assets like Bitcoin and Ethereum, leading to about 1 billion dollars in new deposits, the exchange still faced a staggering net outflow of 3.64 billion dollars.
The chaos follows a devastating heist in which cybercriminals stole roughly 6.3 billion dollars in digital currency. The FBI has linked the attack to a North Korean hacker group known as TraderTraitor, which previously targeted another exchange called Bybit earlier this year. To conceal their tracks, investigators say the group attempted to convert much of the loot into Ethereum. While Binance managed to freeze approximately 3 billion dollars of the stolen assets, federal authorities are urging other private firms to block any addresses associated with the laundering operation.
Despite the scale of the theft, Binance leadership is attempting to project stability to its base of over 300 million users. Cofounder Yi He emphasized that securing the environment remains the top priority before full operations can resume. The company noted that the withdrawn funds represent only 2.1 percent of its total assets, which sit at 171 billion dollars. To prevent a total collapse of user trust, Binance has pledged to cover all losses using its own corporate funds and reported that nearly 95 percent of the impacted amount had been covered by Sunday morning.
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