Binance clients pull $4.7 billion after hack as crypto world studies fallout
SINGAPORE/PARIS — Binance's customers have withdrawn a net $4.72 billion from the world's biggest cryptocurrency exchange since it reopened, after hackers stole around $6.3 billion of crypto from the platform in what could be the largest financial heist in history. The exchange froze withdrawals for about 48 hours after the hack, which which the FBI said was carried out by North Korea, then…
Binance, the world's largest cryptocurrency exchange, saw customers withdraw a staggering $4.72 billion from the platform following a hack that resulted in hackers stealing around $6.3 billion of crypto. This incident could potentially be the largest financial heist in history. The FBI attributed the hack to North Korea. Binance had initially halted withdrawals for about 48 hours before permitting customers to withdraw again on Sunday morning.
The scale of the withdrawals, equating to roughly 3% of assets on the platform, indicates that customer confidence in Binance remains largely intact. The majority of these withdrawals were conducted in the form of Tether's USDT stablecoin. This outflow is significantly less than the $7 billion pulled out of Circle's USDC stablecoin following the collapse of Silicon Valley Bank in 2023.
Binance remains committed to repaying all affected customers in full. The incident has highlighted the vulnerabilities of digital assets to cyber-attacks and prompted a wider industry discussion about the impact on Binance and the overall cryptocurrency market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
