Binance sees outflows stabilising as exchange returns online after $6.3 billion heist

Binance, the world's largest cryptocurrency exchange, experienced a significant security breach resulting in a $6.3 billion heist linked to North Korea. The exchange saw $3.64 billion in outflows, or 2.1% of its assets, as customers pulled their funds after the attack. Binance was able to cover 95% of the stolen assets by using its money to buy replacement tokens.

Withdrawal levels are an early indicator of customer trust in the platform following the incident. Despite the setback, Binance reported that deposit volumes remained substantial. Bitcoin prices recovered after hitting a six-week low, and Ether also experienced a slight recovery. Binance has 335 million registered users globally and $171 billion in total assets under management.

The security breach adds to a string of recent crypto thefts, with attackers stealing $2.9 billion worth of cryptocurrency across nearly 150 incidents last year.