[Crypto Radar] Binance Hit by 'KRW 8 Trillion Hack'... KRW 5 Trillion Withdrawn After Withdrawals Resume

Binance, the world's largest cryptocurrency exchange, has resumed withdrawals after suspending the service following a major hacking incident. However, investors concerned about the fallout from the breach withdrew $3.6 billion (approximately KRW 4.8 trillion) in just over nine hours.

Reuters-Yonhap

According to Bloomberg and the Financial Times (FT) on Nov. 1 (local time), Binance said that, in the 9 hours and 30 minutes after it began gradually resuming withdrawals that day, users withdrew $4.65 billion and deposited $1.01 billion. The net outflow was $3.64 billion, equivalent to about 2.1% of Binance's total assets held on the day before the hack.

Binance suspended all withdrawals on the night of Oct. 29 after approximately $6.3 billion (about KRW 8.4 trillion) in crypto assets was stolen. The incident is the largest theft in the history of the crypto industry. Binance reportedly halted withdrawals over concerns about a possible "coin run," a wave of large-scale withdrawals.

Bloomberg analyzed that investors' anxiety over the hack had led to increased withdrawals. A total of 18,270 bitcoins left Binance as a result of the incident. At $78,500 per bitcoin, that amounts to approximately $1.4 billion. This is far more than the 11,509 bitcoins held by Tesla, and only 442 fewer than the 18,712 held by SpaceX.

A North Korea-linked hacking group has been identified as being behind the attack. The U.S. Federal Bureau of Investigation (FBI) said that the North Korean hacking group TraderTraitor carried out the crime. The value of the stolen bitcoin alone far exceeds North Korea's annual merchandise exports. According to the Korea Trade-Investment Promotion Agency (KOTRA), North Korea's merchandise exports totaled $468.59 million in 2025, only about one-third of the approximately $1.4 billion worth of bitcoin stolen in the hack.

Binance said it had covered about 95% of the stolen crypto assets using company funds, an emergency fund, and an insurance fund. "Our policy of having the company bear the financial losses from the stolen assets remains unchanged," Binance emphasized. "We will not pass the losses on to users."

This content was produced with the assistance of AI translation services.