Binance recorded more than $7 billion in net outflows after attackers manipulated transaction approvals in a single transaction that drained multiple assets from an internet-connected hot wallet, causing an estimated $6.3 billion theft on October 30. The incident surpassed the previous record of about $1.5 billion. Binance restored withdrawals in phases, said customer funds remained safe and covered about 95% of losses with its own funds. The attacker moved about $293 million in stolen XRP through six new wallets and routed other funds through Tron and cross-chain services. South Korea’s Financial Services Commission subsequently convened regulators, DAXA and major domestic exchanges, directing them to strengthen wallet-transfer approvals, administrator-permission management, real-time monitoring, cold-wallet holdings, emergency staffing and reserves. U.S. authorities blamed North Korea for the hack.