Binance says exit rush slowing down as users weigh security risk
Binance said it bought replacement tokens for most of the loss as customer withdrawals slowed after the exchange resumed service.
- Binance customers withdrew $3.64 billion, or 2.1% of assets, after a major security breach last week saw $6.3 billion stolen from the platform.
- The FBI identified the North Korean state-sponsored unit TraderTraitor as responsible for the attack on Saturday, with the theft unfolding in around 20 minutes.
- Market volatility intensified as stablecoins USDT and USDC combined capitalization dropped by about $1.2 billion since Friday, while spot bitcoin ETFs shed $643 million.
- Ari Redbord, global head of policy at TRM Labs, said the breach creates an "unstable risk profile," while Jay Koh advised reviewing exposure and diversifying custody arrangements.
- President Donald Trump stated Saturday it remains unclear whether North Korea was involved, while the FBI expects "further laundering" of stolen assets through related technology.
12 Articles
12 Articles
Binance sees outflows stabilising as exchange returns online after $6.3bn heist
Binance customers pulled $3.64 billion, or 2.1% of its assets, as the world’s biggest cryptocurrency exchange resumed service after a security breach linked to North Korea saw $6.3 billion stolen from the platform last week.
Binance sees outflows stabilising as exchange back online
Binance customers pulled $3.64 billion, or 2.1% of its assets, as the world's biggest cryptocurrency exchange resumed service after a security breach linked to North Korea saw $6.3 billion stolen from the platform last week.
Binance says exit rush slowing down as users weigh security risk
Traders are keeping faith, for now, in the world's biggest cryptocurrency exchange after Binance was hit with a $6.3 billion heist, though larger investors are likely to turn cautious on crypto with security risks in sharper focus.
Binance Details $3.6 Billion in Net Outflows After Cyber Theft
Binance posted a net outflow of $3.6 billion in cryptoassets after restoring customer withdrawals on Sunday, a relatively soft blow to its overall business in the wake of the largest cyber theft in history, which has been attributed to North Korean hackers.
After being hacked, Binance restored the withdrawals this weekend. In a few hours, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits, representing net outflows of $3.64 billion. This represents only 2.1% of the assets managed by the platform. The exchange was able to avoid a massive exodus of customers by ensuring that it will cover all losses.
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
