- Binance recorded more than $3.6 billion in global net outflows after it began restoring cryptocurrency withdrawals following a record $6.3 billion theft.
- The exchange says it has replaced 95% of the stolen assets and will absorb the financial cost rather than pass the losses to customers.
- Binance provides direct local-currency or peer-to-peer cryptocurrency access in more than 30 African countries.
- Sub-Saharan Africa’s cryptocurrency economy grew 13.4% to $101 billion in the year to June 2026, making it the fastest-growing region globally.
The phased restoration was followed by an initial surge in withdrawals, with the world’s largest cryptocurrencyexchange recording more than $3.6 billion in global net outflows on Sunday, according to data from cryptocurrency analytics platform DefiLlama
Binance said withdrawal volumes were declining towards normal levels and represented a small proportion of the approximately $162.8 billion in assets it held in custody at the end of 2025
The development creates a major confidence test for the exchange in Africa, where cryptocurrency increasingly serves purposes beyond speculation, including cross-border payments, remittances, savings and access to dollar-denominated assets
Binance says it provides direct fiat channels and peer-to-peer trading in more than 30 African countries. Its services support currencies including the South African rand, Kenyan shilling, Ghanaian cedi, West African CFA franc, Central African CFA franc, Ugandan shilling and Tanzanian shilling
Reutersreported that Binance saw an initial spike in withdrawals after reopening access for several digital assets, although the company said the volumes subsequently began stabilising
“Withdrawal volumes spiked at the beginning, however we are seeing a sharp downward trend and withdrawal levels are stabilising to what we would consider normal and expected on-chain activity,” a Binance spokesperson said
The first phase of the reopening covered 15 assets, including Bitcoin, Ether, BNB, Solana, XRP, Dogecoin and transactions involving some USDT and USDC stablecoins
Binance said it prioritised assets using customers’ demand over the preceding week
Hackers stole approximately $6.3 billion in digital assetsfrom Binance’s hot wallets on October 29, making it the largest recorded cryptocurrency theft
The bulk of the assets reportedly left the exchange in about 20 minutes
Binance has used its corporate treasury, insurance reserves and its Secure Asset Fund for Users to replace approximately $6 billion, or 95%, of the stolen assets
The company said the remaining 5% comprised less-liquid tokens that could take longer to acquire in the quantities required. It has repeatedly said customers will not bear the financial losses
Around $3 billion of the stolen assets had also been located or frozen with assistance from law-enforcement agencies, blockchain intelligence companies and digital-asset issuers
The United States Federal Bureau of Investigation attributed the attack to TraderTraitor, a North Korean state-sponsored hacking group. North Korea has previously denied using state-backed cyber units to steal cryptocurrency or generate revenue
US President said Washington had not independently settled the question of North Korea’s involvement
“We don’t know if it’s North Korea, but if it is, we’ll talk to North Korea about it,” Mr Trump said
The breach comes as Sub-Saharan Africa emerges as the world’s fastest-growing cryptocurrency region
Blockchain research company Chainalysis estimates that the region’s cryptocurrency economy increased by 13.4% to $101 billion between July 2025 and June 2026
South Africa’s cryptocurrency market grew by 52% to $39.3 billion, while Nigeria recorded $38.1 billion in activity. Together, the two countries accounted for more than three-quarters of cryptocurrency transactions across Sub-Saharan Africa
Ghana’s market grew 80% to $5.1 billion, while Senegal’s increased 215% to $2.3 billion. Ethiopia processed approximately $3.7 billion
The figures show that Binance’s African exposure extends well beyond one country. The exchange supports local payment channels in markets including South Africa, Kenya, Ghana and Côte d’Ivoire, alongside peer-to-peer transactions across a broader group of countries
Personal wallets received 32.3% of cryptocurrency value transferred in Sub-Saharan Africa during the period, the highest proportion recorded in any region globally. Cross-border peer-to-peer transactions accounted for 70.9% of the value entering those wallets
Stablecointransactions through peer-to-peer channels also rose more than sixfold, from $2.3 billion in 2022 to $14.6 billion in 2026
That growth has made reliable access to exchanges and withdrawal channels increasingly important for African individuals and businesses using digital assets to preserve value or move money across borders
Binance had 335 million registered customers globally at the end of 2025. It has not disclosed how many are based in Africa or provided a geographical breakdown of the $3.5 billion in net outflows