Binance Says Financial Position Remains Strong as Hack Triggers $4.72 Billion Outflows

Binance has said its financial position remains strong and customer withdrawals have largely stabilised following a major cryptocurrency heist involving $6.3 billion in digital assets. Co-CEO Richard Teng said the exchange experienced a surge in withdrawals during the first 24 hours after the incident, but the situation had since returned to normal. He added that 95% of the affected tokens had been replenished and the company had sufficient financial resources to cover the losses. Binance also reported that hourly deposits were exceeding withdrawals, indicating improving user activity and stabilising customer confidence.

Meanwhile, North Korea has dismissed US allegations linking it to the cyberattack, describing the claims as “absurd rhetoric”. The FBI had attributed the theft to North Korea, prompting a strong response from Kim Yo Jong, sister of North Korean leader Kim Jong Un. She accused Washington of attempting to damage the country’s international reputation and described the allegations as a political provocation. Cybersecurity analysts, however, say cryptocurrency theft has become an important source of funding for North Korea’s weapons programmes. Blockchain analytics firm Elliptic estimates that the country has stolen $7.6 billion worth of cryptocurrency this year, its highest annual total on record.

In an effort to restore customer confidence, Binance has introduced a promotional campaign offering trading fee rebates, rewards for eligible users and annual percentage returns of up to 10% on selected yield-generating products. The campaign will continue until November 21, while the exchange has also resumed withdrawals across additional assets and networks. Binance reported net outflows of around 3% of the assets held on its platform since withdrawals resumed, a relatively contained figure that analysts believe reflects resilience among investors. The incident has nevertheless renewed concerns over cryptocurrency exchange security and the growing scale of cyberattacks targeting major digital asset platforms.

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