Binance Faces $5.8B Net Outflows as Withdrawals Resume After Record Hack

Binance, the world's largest cryptocurrency exchange by trading volume, experienced net outflows of approximately $5.8 billion as users withdrew funds following a record security breach. The exchange briefly paused certain services in response to the hack, and when withdrawals resumed, a surge in outflows occurred. Binance stated that the pace of withdrawals has since slowed, and the outflows represent only a small fraction of its total customer assets, which stand at roughly $171 billion. The incident underscores ongoing concerns about security in the crypto industry, even as major platforms work to reassure users about the safety of their funds. While the exchange has not disclosed the exact amount stolen in the hack, the event has reignited debates over centralized exchange risks and the need for stronger safeguards. For Binance, the key challenge now is restoring confidence among its global user base and demonstrating that its reserves can withstand such stress events. The coming weeks will reveal whether the outflows stabilize or if user trust has been more deeply shaken.