Binance Outflows Reach $4.7 Billion after the exchange restored customer withdrawals following a hack attributed to North Korea, according to Insurance Journal. The net figure represented about 3% of Binance’s total assets under management, a spokesperson said Monday. The spokesperson also said withdrawals remained within expectations and deposits had been steadily increasing. Insurance Journal reported that the figures had shifted since withdrawals resumed.
The $4.7 billion figure counts withdrawals after deposits are subtracted. Binance restored customers’ access ahead of schedule on Sunday, the report said. It said the exchange used a mixture of its own profits, emergency funds and insurance funds to make customers whole after $6.3 billion in assets were drained.
The spokesperson said Binance held $157 billion in assets as of Monday. That figure came from internal estimates that factored in the hack, later withdrawals and price fluctuations. The report cautioned that not all withdrawals necessarily came from customers because Binance had also moved assets between wallets.
Binance Outflows Reach About 3% of Assets
Some market participants said the response appeared to limit immediate disruption. Karl-Martin Ahrend, co-founder of digital-asset advisory firm Areta, called the way Binance had absorbed the hit “absolutely mind-blowing.” He said some outflows and trader rebalancing were expected, but he did not foresee a longer-term impact.
Joshua Lim, co-head of markets at FalconX, said Binance’s public fees and trading volumes, alongside executive statements, suggested gross revenue of about $10 billion to $20 billion a year. Lim said he believed the company had the financial strength to resume normal operations, while adding that the theft damaged the industry’s reputation.
The article said the broader digital-asset market remained relatively steady after the incident. Bitcoin was little changed at around $77,830 on Monday morning in New York hours. Binance’s spokesperson attributed the $157 billion asset estimate to internal calculations, while the report described the revenue figure as an estimate based on public information and executive statements.
Julia Zhou, president and co-founder of crypto market-maker Caladan, pointed to Bybit’s loss of roughly $1.5 billion last year in a separate exploit that the FBI linked to North Korea. Zhou said funds were withdrawn after that incident before redemptions stabilized. She said market makers watch net flows, whether deposits return, and how trading liquidity and market depth hold up.
For background on how exchanges may address losses, readers can review crypto insurance after a hack. The article discusses policy terms, exclusions and the circumstances of a breach; it does not establish the coverage available for this incident.
Market Makers Watch Trading Conditions
Zhou said the larger test was whether Binance could maintain normal trading conditions. The source reported that counterparties continued to trade on the exchange because they viewed it as the world’s biggest liquidity venue and had little choice. That observation describes counterparties’ position, not a guarantee about future activity.
The report said the FBI blamed the North Korean group called “TraderTraitor” for the Binance heist. It also described a broader rise in crypto cybercrime this year, fueled in part by the growing sophistication and availability of artificial intelligence tools. The source did not quantify that increase.
Other recent theft reports offer separate examples of exchange security incidents. Bitget’s reported zero-day theft involved unauthorized wallet withdrawals linked to a flaw in third-party security products. In another Binance-related account, wallet permissions linked two accounts in a suspected hack. That analysis examines wallet permissions and does not independently resolve the attribution of the theft.
Nick Smart, chief intelligence officer at crypto analytics platform Crystal Intelligence, said the average crypto holder may feel “a bit stuck.” He also said Binance remained the dominant exchange platform despite the outflows and was “far from lost.” Zhou’s focus on deposits, liquidity and market depth points to the indicators she said market makers are watching as trading continues.
