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Binance sees $3.64 billion in net outflows as withdrawals resume after massive hack

Binance recorded $3.64 billion in net outflows after resuming withdrawals following a $6.3 billion hack, representing 2.1% of its total assets.

cnbc.com ·

Binance recorded $3.64 billion in net outflows, representing 2.1% of its total assets, after resuming customer withdrawals in phases on Sunday. This follows a $6.3 billion hack, which the FBI has linked to North Korea. Binance stated that withdrawals initially surged but have since stabilized, noting that deposit volumes remained substantial.

While Cointelegraph reported DefiLlama data showing $5.8 billion in net outflows over 24 hours, a Binance spokesperson told SCMP Business that the DefiLlama figures were inaccurate because they did not include flows deposited to the company's own new hot wallet.

The exchange has offered reassurances that it will cover the losses from the cyberattack. Free Malaysia Today reported that Binance has used company funds to buy tokens to replenish 90% of the stolen assets, while SCMP Business reported the company has now covered 95% of the $6.3 billion theft. The hack, which some analysts believe may be the largest financial robbery ever, caused the prices of most major cryptocurrencies to fall sharply on Friday.

Brief written by urgent.news from CNBC World, Cointelegraph, Free Malaysia Today, SCMP Business, South China Morning Post — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.

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