Live updates: Binance records $6 billion outflows after starting withdrawals, less then 4% of total holdings
The outflows followed a 45-hour withdrawal freeze after a $6.3 billion theft, with rival exchanges attracting deposits as customers regained access to their funds.
Binance has processed approximately $4.6 billion in withdrawals and $1 billion in deposits following a 45-hour freeze, resulting in a net outflow of about $3.6 billion. According to Guardian Business, this figure represents 2.1% of the platform's $171 billion in total assets under management. The outflows followed a $6.3 billion theft on Thursday, which CoinDesk reports prompted a withdrawal freeze, while Guardian Business notes that experts have identified North Korea as the probable culprit behind the heist.
The hack has coincided with volatility in the broader crypto market. Cointelegraph reports that US spot Bitcoin ETFs saw $643 million in withdrawals on Friday, marking the first negative month for the funds since June with $515 million in net outflows for October. Additionally, US spot Ether ETFs saw a net withdrawal of $156 million on Friday, contributing to a record monthly outflow of $1.61 billion for October.
Brief written by urgent.news from CoinDesk, Guardian Business, Cointelegraph — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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