Investors take out $3.6bn from Binance after record hack that stole billions

Investors pulled $3.6 billion from cryptocurrency exchange Binance following a record hack that stole billions. The $6.3 billion theft, believed to be perpetrated by North Korea, occurred on Thursday and has been identified as the largest heist in history. Binance initially halted withdrawals while investigating the breach, but began a phased reopening on Sunday.

By Sunday afternoon, the platform had processed $4.6 billion in withdrawals and $1 billion in deposits, resulting in a net outflow of approximately $3.6 billion – which represents 2.1% of its total assets under management. The company confirmed these figures in its latest proof of reserves snapshot. Binance stated that withdrawal volumes have declined and stabilized, while deposit volumes remain substantial.

The exchange assured its customers that market conditions were stable and its team was rigorously testing the remaining networks and assets. So far, Binance has replenished 90% of the stolen amount, with the remaining 10% being less liquid. The FBI confirmed North Korea's involvement in the hack, attributing it to a North Korea-affiliated group called TraderTraitor, part of the Lazarus Group.

The FBI urged private sector entities to block transactions with and derived from TraderTraitor's addresses to prevent further laundering of stolen assets.