Binance stabilizes after $6.3 billion theft, covers 95% of stolen tokens
Binance says the bleeding has slowed. The world's largest crypto exchange reported that customer withdrawals are stabilizing after a $6.3 billion theft last week.According to Reuters, the exchange said outflows spiked at first and then began to level off as service resumed. Deposit volumes, Binance said, stayed "substantial" throughout. Reuters also reported that analysts believe the incident may be the biggest financial robbery the world has ever seen.The breach occurred on October 29, 2026. Unauthorized withdrawals drained approximately $6.3 billion from the platform, based on research findings compiled from blockchain analytics sources.Binance's first move was the obvious one. It paused all withdrawals, which is the exchange equivalent of locking the doors after noticing the safe is open.Next came the expensive part. Binance set aside more than $6.34 billion of its own money to make customers whole. That pool included contributions from its Secure Asset Fund for Users, better known as SAFU, along with its Futures Insurance Fund.By November 1, Binance had replenished roughly 95% of the stolen assets, or about $6 billion. Several major tokens were restored to full backing:Bitcoin (BTC): 100% backedEthereum (ETH): 100% backedTether (USDT): 100% backedBNB: 100% backedZcash (ZEC): 100% backedWithdrawals restarted on November 1, rolled out in phases rather than all at once. Binance also published a Proof of Reserves snapshot, a public accounting meant to show that customer balances are matched by assets the exchange actually holds.Blockchain analytics firms TRM Labs and Chainalysis linked the attack to TraderTraitor. The group is a state-sponsored hacking unit tied to North Korea.The cleanup has been a group effort. Industry partners froze approximately $3 billion in traceable assets connected to the hack, according to the research findings.The FBI has also stepped in. The bureau issued alerts flagging wallet addresses associated with the stolen assets, which helps exchanges and service providers refuse those funds if they show up.Markets did not take the news calmly at first. Bitcoin slid to a six-week low on Friday as traders digested the scale of the breach.Over the weekend, prices clawed back some ground. By Monday, Bitcoin was trading above $78,000, according to Reuters.The immediate takeaway for traders is uncomfortable but familiar. Keeping assets on a centralized exchange means trusting that company's security, and the hot wallets that power day-to-day withdrawals remain a prime target.The 95% replenishment figure does a lot of work here. Customers holding BTC, ETH, USDT, BNB or ZEC were told their balances are fully backed, which removes the most acute reason to rush for the exits.What to watch next: whether outflows keep stabilizing as withdrawals fully reopen, how much of the frozen $3 billion is eventually recovered, and what further action the FBI and other authorities take against the addresses tied to TraderTraitor. Bitcoin holding above $78,000 will also serve as a rough gauge of whether market confidence is genuinely returning or merely pausing.