Binance has moved quickly to prove that a record-breaking hack will not leave customers out of pocket. But the rush to withdraw billions once the exchange reopened shows that financial solvency and user trust are not the same thing.

The exchange said customers withdrew $4.65 billion and deposited $1.01 billion during the first hours of resumed trading, producing $3.64 billion in net outflows—about 2.1% of its reported $171 billion in assets. Binance said withdrawals later began to stabilize, while deposits remained “substantial.”¹

That response supports Binance’s argument that its reserves are strong enough to withstand the theft. Before withdrawals resumed, the company said it had replaced 90% of the roughly $6.3 billion in stolen assets, using its Secure Asset Fund for Users, a futures insurance fund and corporate funds. It pledged that “Binance will absorb the financial impact of these stolen funds, not our users.”²

Co-CEO Richard Teng offered the same reassurance in more direct terms, saying Binance was “committed to covering the remaining 10%” and that users would not bear the loss.³ The company’s promise is therefore clear: customers may face temporary restrictions, but not a direct financial haircut.

The security picture is less settled. The FBI attributed the theft to North Korean-linked actors known as TraderTraitor and said the stolen assets were being converted into Ethereum before further laundering through decentralized finance and swap services.⁴ Binance has described the breach as a complex attack involving a compromised laptop and malicious software designed to erase evidence.

That explanation shifts the central question from whether Binance can pay to whether it can prevent a repeat. Market losses—including sharp declines in Bitcoin, Ethereum and BNB—added to the damage, while the scale of withdrawals revealed how quickly users act when access to funds is interrupted.⁵ Binance may be able to replace the tokens; restoring confidence will require more than reserves and assurances.