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

Binance, the world's largest cryptocurrency exchange, reported stabilising withdrawals after an initial surge following a US$6.3 billion theft linked to North Korea. Customers withdrew US$3.64 billion, or 2.1% of the platform's assets, as service resumed. Analysts believe this may be the world's largest financial robbery. Bitcoin prices recovered slightly, while Ether hit a two-month low before also showing signs of recovery.

Binance, with 335 million global users, said it had US$171 billion in assets under management. The exchange covered 95% of the stolen assets, but the remaining 5% consists of less liquid assets. Some users are considering diversifying custody arrangements to hedge risks. The attack is believed to be the work of a North Korean state-sponsored unit.

Binance is implementing a phased withdrawal approach, prioritising user demand. The FBI confirmed North Korea's involvement in the attack.