Binance said users withdrew nearly $5 billion after the cryptocurrency exchange resumed services following a theft of about $6.3 billion in digital assets. (Foto: Instagram)
Binance said Sunday, Nov. 1, that users withdrew nearly $5 billion in assets—about 27.2 billion Brazilian reais—after the cryptocurrency exchange resumed operations. Trading and withdrawal services had been temporarily halted following a theft of about $6.3 billion in crypto assets.
The incident shook investor confidence in digital assets and was described as the largest cryptocurrency theft in industry history. The stolen assets included highly liquid tokens such as Bitcoin and Ethereum, as well as dollar-pegged stablecoins.
The temporary suspension was intended to contain the breach and investigate a technical failure. When transaction processing resumed, a wave of withdrawals followed, reflecting customers’ concerns about maintaining custody of their funds.
Binance executives said the company used guarantee funds to cover most of the losses. Management also said it handled the large volume of withdrawal requests without operational interruption, citing this as evidence that the platform retained liquidity.
The incident contributed to sharp volatility in major cryptocurrencies worldwide. Large institutional investors reduced their positions on centralized platforms while assessing risks to the sector’s infrastructure. Investors are now watching for the exchange’s recovery in public confidence, the transparency of the final external audit report, and the adoption of additional safeguards.
