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.
243 Articles
243 Articles
The platform said it has already returned 98% of the stolen assets with own funds. The remaining 2% was in cryptocurrencies that, due to their scarcity, are more difficult to acquire.
Binance users withdraw a net $7.4 billion after the platform re-enabled withdrawals
Binance Withdrawals After the $6.3B Hack: What's Open Now
Binance withdrawals restarted on November 1 for bitcoin and 14 other networks, but 531 of 552 listed coins were still frozen hours later. You'll see what's open, why bitcoin went first, who's covering the $6.3 billion loss and what to check before you move your crypto.
Binance’s Net Inflows Turn Positive at $2.3B as Withdrawals Expand
Binance recorded $2.3 billion in net inflows over the past 24 hours as it expanded withdrawals following last week’s $6.3 billion hack. The exchange led centralized exchanges tracked by DefiLlama in 24-hour net inflows. Bitfinex recorded about $280 million and Bitget about $127 million over the same period. “By 03:00 UTC, we are seeing hourly […]
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