Binance Customers Pull Nearly $5 Billion Within Hours of Reopening
Binance customers withdrew $4.65 billion in cryptocurrency and other assets within hours of the exchange reopening withdrawals following a massive … Read More The post Binance Customers Pull Nearly $5 Billion Within Hours of Reopening appeared first on ProPakistani .
Binance, the leading cryptocurrency exchange, witnessed a massive $4.65 billion in customer withdrawals shortly after reopening withdrawal services on November 1, following a $6.3 billion security breach. Despite Binance claiming to have replenished 90% of the stolen assets, the rapid withdrawal of funds highlighted lingering customer concerns about the exchange's security and financial stability.
Binance later stated that withdrawals gradually stabilized, while deposits remained significant. The exchange's founder, Changpeng Zhao, attempted to reassure customers by stating that 98% of their assets remained on the platform. However, security experts attribute the attack to North Korean hackers, raising questions about the exchange's ability to restore trust in the aftermath of the breach.
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