Binance users withdraw $3.6bn after record crypto hack
NAIROBI, Kenya, Oct 2 – Binance customers withdrew $3.64bn (£2.72bn) of assets from the world’s largest cryptocurrency exchange as it reopened on Sunday following a record hack last week. The…
Binance, the world's largest cryptocurrency exchange, experienced a significant withdrawal of $3.64 billion after a record-breaking hack last week. The company suspended all transactions following the incident, which impacted $6.3 billion worth of digital assets. Major organizations, including the US Federal Bureau of Investigation (FBI), have implicated North Korea, specifically the Lazarus Group, as the perpetrators of the cyber-attack.
Binance has already covered approximately 95% of the stolen assets, but the remaining funds are expected to be recovered over time. The exchange processed $4.649 billion in withdrawals and $1.01 billion in deposits between November 1, 6:00 and 15:30 GMT, resulting in a net outflow of about $3.64 billion. The hack is believed to have started with a compromised laptop belonging to an engineer at Binance, allowing hackers to make unauthorized transactions.
The firm has reserved over $6.34 billion to mitigate the fallout from the attack and has resumed withdrawals of major cryptocurrencies like Bitcoin and Ethereum.
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