Binance clients pull US$4.7bil after hack as crypto world studies fallout
The exchange says net outflows amounted to around 3% of assets on the platform, a relatively modest figure that analysts suggest customer confidence has largely held up.
Since Binance reopened, its customers have withdrawn $4.72 billion, following a hacker's theft of about $6.3 billion from the exchange. This is reportedly the largest financial heist in history. The FBI believes North Korea orchestrated the attack. Binance halted withdrawals for about 48 hours following the hack and reinstated them on Sunday.
Analysts say customer confidence remained largely intact, as the outflow accounted for around 3% of assets on the platform. Most withdrawals were in Tether's USDT stablecoin. The theft marks a surge in North Korea's crypto thefts, with $7.4 billion stolen so far this year, according to TRM Labs. Despite the hack, the broader financial markets appear to have weathered the storm, with Bitcoin and Ether prices rebounding. Binance will absorb the financial impact of the stolen funds.
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