❯ Analyst estimates Lazarus crypto thefts at $11.87 billion as Binance restores withdrawals in stages

The cumulative estimate includes the Binance incidentOn-chain analyst Darkfost estimates that Lazarus Group has stolen approximately $11.87 billion in crypto across multiple attacks, including the latest Binance incident, according to TechFlow. It is a cumulative analyst estimate. Some proceeds were lost during laundering, so total theft and assets ultimately retained by the attackers differ.

Withdrawals resume progressivelyBinance suffered an approximately $6.3 billion theft on October 29, then suspended withdrawals for security checks. Crypto.news reports that withdrawals began reopening on November 1, starting with Bitcoin and expanding to other assets and networks. Binance said it would absorb losses using corporate resources and insurance funds, and had replenished about 95% of affected assets as of November 1.

Replenishment and recovery follow different pathsBuying replacement assets restores reserves backing customer balances; recovering stolen funds requires tracing, freezing and returning them. Reopening also depends on security checks for individual networks and tokens, while less-liquid assets take longer to purchase. The incident tests capital resources, service restoration and custody processes together.

▮ SIGNALAn exchange’s resilience depends on replacing assets and completing security repairs and withdrawal restoration across individual tokens and networks.