Binance stabilizes after $6.3 billion theft, covers 95% of stolen tokens

The exchange says withdrawals are calming and deposits remain substantial after a breach linked to North Korea's TraderTraitor group 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. What happened and how Binance responded 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...