Binance says exit rush slowing down as users weigh security risk
- 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.
192 Articles
192 Articles
Binance’s financial situation is stable after last week’s $6.3 billion cyberattack, said Richard Teng, the crypto exchange’s co-CEO. According to the CEO, capital flows have now returned to normal and a significant portion of the stolen assets have been replaced.
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.
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 Binance’s customers have withdrawn a net $4.72 billion from the world’s biggest cryptocurrency exchange since it reopened, after hackers stole around $6.3 billion of crypto from the platform in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.
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