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SINGAPORE/PARIS — Binance's customers have withdrawn a net $4.72 billion from the world's biggest cryptocurrency exchange since it reopened, after hackers stole around $6.3 billion of crypto from the platform in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, has experienced a significant withdrawal of $4.72 billion from its customers since its reopening, following a massive hack that resulted in the theft of approximately $6.3 billion of cryptocurrency. The FBI attributed the hacking incident to North Korea. The exchange initially halted withdrawals for around 48 hours before allowing customers to withdraw again on Sunday morning.
The cyberattack has highlighted the susceptibility of digital assets to security breaches and raised concerns about the potential impact on Binance and the broader market. Binance has assured customers that they will be fully reimbursed for their losses. The company reported that the net outflows accounted for approximately 3% of the assets on the platform, a relatively small percentage that indicates customer confidence has largely remained intact.
The majority of the withdrawals were in the form of Tether's USDT stablecoin. This withdrawal figure is in contrast to the $7 billion that was pulled from Circle's USDC stablecoin following the collapse of Silicon Valley Bank in 2023.
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.
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