Binance outflows hit $4.7 billion after record North Korea hack
Net withdrawals from the platform reached $4.7 billion by Monday morning in London, according to a Binance spokesperson.
Since late last week, traders have been pulling billions of dollars from Binance following the exchange's largest cyber theft in history. By Monday morning in London, net withdrawals from the platform had reached $4.7 billion, according to a Binance spokesperson. Despite the sizable figure, the outflows still represent less than 4% of the $128 billion in assets held on the world's largest crypto platform.
Binance restored customer withdrawals on Sunday after freezing them in response to the $6.4 billion exploit, which the Federal Bureau of Investigation has linked to North Korean hackers. Following the initial detection of the hack on Thursday evening, Binance collaborated with industry partners, including stablecoin issuers, to swiftly freeze nearly half of the stolen funds.
The company has committed to covering the losses in full, and as of Sunday, had restored about 95% of the total.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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