Binance users withdraw $5bn in wake of hack
Binance users have withdrawn nearly $5 billion from the crypto exchange since it reopened after the hack last week that saw North Korea-linked crooks make off with $6.3 billion.
Binance, the world's largest cryptocurrency exchange, experienced a significant loss after a $6.3 billion hack, resulting in $3.6 billion in withdrawals by affected customers. Following the cyberattack, which was attributed to North Korea's TraderTraitor group, the exchange halted all transactions on Sunday, November 1. Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits within the first 3.5 hours, leading to a net outflow of approximately $3.64 billion.
The company stated that withdrawals initially spiked before declining and are now stabilizing. Binance covered about 95% of the stolen assets, but recovering the remaining funds could take longer. The exchange has also committed to covering all losses related to the attack. Binance revealed that it had set aside more than $6.3 billion to address the aftermath of the incident.
Despite the ongoing efforts to recover stolen assets, funds are still being moved through cryptocurrency networks by the attackers.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Binance users withdraw $3.6bn after $6.3bn hack punchng.com
