Crypto: After withdrawal reopening, +4 billion dollars leave Binance ! A crisis of confidence?
A few hours after the reopening of withdrawals on Binance following the recent massive hacking, crypto users rushed to move their holdings… over 4 billion dollars have deserted the platform. A wave of panic that coincides with an explosive announcement from the FBI: the heist would be the work of a North Korean commando targeted by an international wanted notice.
In brief
- More than $4 billion in withdrawals were processed by Binance as soon as crypto withdrawal services were reopened.
- Crypto users are primarily withdrawing large amounts of USDT ($1.96 billion) and Bitcoin ($1.5 billion) from Binance.
- The FBI officially attributes the theft to North Korean state-sponsored cybercriminals operating under the banner “TraderTraitor.”
Crypto: +4 billion $ take off on Binance as soon as withdrawals reopen
According to on-chain data shared by CryptoQuant, lifting the shield on withdrawal restrictions not only relieved users, it triggered a real rush to the exit. As soon as the Binance teams restored access to crypto wallets, capital flows went wild. Nearly 1.96 billion dollars of Tether (USDT) withdrawn in a few hours; about 1.5 billion dollars of BTC moved off the platform; hundreds of millions of additional dollars evacuated in Ethereum and stablecoins.
Yet, Richard Teng had multiplied gestures of good faith, stating that the company had rebuilt about 95% of the impacted assets and that Binance’s own treasury would absorb 100% of the shock. But faced with the psychosis, the ecosystem’s golden rule: “Not your keys, not your coins”, pushed a massive portion of crypto users to migrate to cold wallets.
| Asset / Token | Amount withdrawn (in USD) | Share of the post-reopening exodus |
| USDT (Tether) | 1.96 billion $ | Massive dominance over stablecoins |
| Bitcoin ($BTC) 1.50 billion $ | Flight to personal custody | |
| USD / Others | 557 million $ | Withdrawal of various liquidities |
| Ethereum & Altcoins | ~ hundreds of millions | Movements on secondary networks |
Binance hack, FBI formalizes the North Korean lead and the “TraderTraitor” group
While the crypto platform Binance tries to stem this capital flight, the FBI (alongside the USSS and IRS-CI) has thrown a stone in the pond by publishing a damning statement. U.S. authorities formally attribute the massive hacking to the Democratic People’s Republic of Korea. This large-scale cyberattack is officially recorded under the malicious cell signature “TraderTraitor”.
The FBI is releasing information indicating that the Democratic People’s Republic of Korea (North Korea) is responsible for the theft of over 6 billion dollars in virtual assets from the Binance cryptocurrency exchange…
According to FBI intelligence, hackers are active in laundering the loot. Stolen funds are primarily converted into Ethereum (ETH) before being injected into instant swap services (instant swaps) and decentralized finance protocols (DeFi). A list of compromised addresses has also been made public to require THORChain nodes, RPC validators, and DeFi platforms to immediately block any interaction with these wallets.
Park Jin Hyok and the terrifying record of state crypto hackers
This involvement of Pyongyang in the Binance crypto hack puts the spotlight back on well-known figures from international intelligence services. The investigation points directly to elite structures comparable to the Lazarus / APT38 networks. Among the figures targeted by Washington for these cyber conspiracies is the notorious Park Jin Hyok, a North Korean programmer and secret agent under an international FBI arrest warrant. His criminal CV is dizzying:
- 2014: The high-profile Sony Pictures hack.
- 2016: The Central Bank of Bangladesh heist (81 million dollars stolen).
- 2017: The worldwide spread of the devastating WannaCry ransomware (300,000 computers infected in 150 countries).
Authorities remind that the billions stolen by the Pyongyang regime are directly used to finance its nuclear and military armament programs. Being based in North Korea, these crypto hackers benefit from total impunity out of reach of Western jurisdictions.
Between an exodus of 4 billion dollars in a few hours and the official declaration of a cyberwar waged by a rogue state, Binance is undoubtedly going through the most violent turbulence in its history. While the crypto exchange shows extraordinary financial resilience in honoring withdrawals, investor confidence has been deeply shaken. And you, have you also withdrawn your funds from Binance?
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The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.