$3.6bn pulled from Binance after multibillion-dollar heist
The net outflow represents 2.1pc of Binance's total $171bn in assets under management. 6bn pulled from Binance after multibillion-dollar heist
A multibillion-dollar cyber heist has resulted in $3.6bn being withdrawn from Binance, the world's largest cryptocurrency exchange. North Korean hackers, believed to be part of the state-supported TraderTraitors group, stole an estimated $6.3bn in crypto assets during the attack that took just 20 minutes to execute. Binance froze about $3bn in assets immediately following the hack, and deposit and withdrawal volumes have now stabilized after a brief spike.
The exchange has processed $4.6bn in withdrawals and over $1bn in deposits within nine hours, resulting in a net outflow of $3.6bn, or 2.1pc of its $171bn in assets under management. Binance has covered 90pc of the lost funds through its security fund, futures insurance fund, and corporate treasury, but legal experts warn customers may face significant challenges in recovering their funds due to Binance's liability limits and the volatile value of Bitcoin.
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