Binance resumes withdrawals after more than US$6bil stolen in hack
The world's largest cryptocurrency exchange has already seen a surge in withdrawals amounting to about 2.1% of the total assets the company manages.
Binance, the world's largest cryptocurrency exchange, has resumed processing withdrawals following a major hack that resulted in the theft of more than US$6 billion in virtual assets. The FBI has identified North Korea, specifically a group called TraderTraitor, as responsible for the attack. Binance had previously suspended withdrawals, but began gradually resuming them on Sunday.
In the first phase, the platform processed US$4.65 billion in withdrawals and US$1.01 billion in deposits, amounting to a net outflow of US$3.64 billion, or about 2.1% of Binance's total assets. To compensate for the losses, Binance has committed over US$6.34 billion from its company funds, using the money to buy tokens to replenish 90% of the stolen assets.
The remaining 10% are less liquid, requiring more time to acquire. Despite the hack, Binance remains committed to covering the financial impact of the stolen funds.
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- Binance resumes withdrawals after more than US$6bil stolen in hack freemalaysiatoday.com
