Hack fears send $3.64 billion rushing out of Binance
Binance, the world's largest cryptocurrency exchange, experienced a security breach linked to North Korea, resulting in the theft of $6.3 billion from its platform last week. As a result, customers pulled $3.64 billion, or 2.1% of its assets, in a reaction that may be a precautionary measure rather than capital flight, according to Ari Redbord, global head of policy at TRM Labs.
The exchange has now covered 95% of the assets stolen in the heist. Bitcoin prices recovered slightly after hitting a six-week low on Friday, while Ether also experienced a minor recovery to $2,287. Binance, which has 335 million registered users globally and $171 billion in total assets under management as of October 28, has assured crypto investors by prioritizing user demand in a phased withdrawal approach.
The FBI has linked the attack to North Korea's state-sponsored unit known as TraderTraitor, a claim that North Korea has denied.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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