UPDATE: Binance hack involved $6.3B as liquidations top $1.5B
CIE News ·
Update to UPDATE: Binance records $3.64B in net outflows after reopening withdrawals
Based on reporting by Bitcoin.com News; not yet independently confirmed.
Following a $6.3 billion security breach at Binance, crypto liquidations exceeded $1.5 billion within 24 hours. Binance confirmed it is covering 95% of stolen assets using reserves and SAFU funds.
A security breach at Binance involved approximately $6.3 billion in affected assets, triggering over $1.5 billion in crypto market liquidations within 24 hours on November 1, 2026. This follows earlier reports of $3.64 billion in net outflows from the platform after it reopened withdrawals. Binance confirmed that it has covered roughly 95% of the stolen assets using internal funds, corporate reserves, and its Secure Asset Fund for Users (SAFU).
The market-wide sell-off prompted forced closures mostly across long positions, which made up about $1.29 billion of the liquidations, according to altcoinbuzz.io. Binance itself processed around $754.6 million of those liquidations. Bitcoin (BTC) dropped to an intraday low near $76,400 before stabilizing around $78,500, while Ethereum (ETH) fell below $2,200 before recovering to $2,240. Ripple (XRP) declined to an unconfirmed low between $1.21 and $1.26.
According to Bitcoin.com News, the downturn dragged the total cryptocurrency market capitalization from $3 trillion down to $2.7 trillion. Blockchain analytics firms TRM Labs and Elliptic attributed the exploit to hackers connected to North Korea, though Binance has not confirmed the attackers' identities. The exchange has begun restoring withdrawals in stages across multiple networks including Bitcoin, Ethereum, Solana, and BNB Chain.
Key facts
- $6.3B in assets affected
- $1.5B in 24-hour liquidations
- 95% of stolen assets covered
- Market cap fell to $2.7T
Read the original at CryptoRank