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

Binance, the world's largest cryptocurrency exchange, has moved to reassure investors following the resumption of service after a security breach that saw nearly US$6.3 billion stolen from the platform. Withdrawals initially spiked as customers pulled US$3.64 billion, or 2.1% of the exchange's assets, but have since stabilized. Deposits remained substantial, contributing to the exchange's overall stability.

Bitcoin and Ether prices recovered slightly after hitting six-week and two-month lows, respectively. Binance, which oversees US$171 billion in assets, has covered 95% of the stolen funds by purchasing replacement tokens. The remaining 5% includes less liquid assets, which may take longer to acquire. Despite the incident, many users have chosen to retain their holdings on Binance, opting instead to review their exposure and diversify their custody arrangements.

The FBI has identified the North Korean state-sponsored unit 'TraderTraitor' as responsible for the attack.