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Binance says exit rush slowing down as users weigh security risk
Binance said 95% of the stolen assets have been covered and customer withdrawals are easing after the exchange froze transfers to contain the breach.
- On Sunday, November 1, Binance partially resumed withdrawals following a $6.3 billion cyberattack, processing $3.64 billion in net outflows over 9.5 hours, equivalent to 2.1% of its $171 billion in assets.
- The FBI attributed the October 29 attack, which unfolded in around 20 minutes, to the North Korean state-sponsored unit TraderTraitor, with investigators identifying hundreds of blockchain addresses connected to the group.
- Binance covered 95% of stolen assets using its corporate treasury and Secure Asset Fund for Users, while stablecoin issuer Circle froze more than $1.1 billion in USDC linked to the breach.
- Bitcoin and ether rebounded from multi-week lows on Monday, while combined stablecoin market capitalizations fell about $1.2 billion since Friday as withdrawal volumes stabilized.
- Co-CEO Richard Teng announced a comprehensive infrastructure overhaul and full security review following the breach, seeking to restore institutional confidence amid debate over whether the incident represents systemic vulnerability.
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Binance Outflows Reach $4.7 Billion After Hack
Binance's net outflows reached $4.7 billion after it restored withdrawals following a hack attributed to North Korea. A spokesperson said the figure represented about 3% of assets and that deposits were steadily increasing. Market makers said they were watching flows, liquidity and trading depth.
·New York, United States
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Binance clients pull $4.7 billion after hack | Honolulu Star-Advertiser
SINGAPORE/PARIS/NEW YORK >> Binance’s customers have withdrawn a net $4.72 billion from the world’s biggest cryptocurrency exchange since it reopened, after hackers stole around $6.3 billion of crypto from the platform in what could be the largest-ever financial heist.
·Honolulu, United States
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Binance's customers have withdrawn about $4.7 billion (€4.214 million) from the platform after it suffered last week from a...
·Madrid, Spain
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Total News Sources191
Leaning Left15Leaning Right18Center38Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 21%
C 54%
R 25%
Factuality
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