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Binance sees spike in customers pulling funds out after covering bulk of stolen $6.3 billion
Binance said it has covered 95% of the stolen assets and began phased withdrawals after an initial spike in customer outflows, the company said.
- On Sunday, Binance resumed withdrawals for various assets, triggering an initial spike in customer outflows as the exchange recovers from a $6.3 billion platform hack.
- The theft unfolded in around 20 minutes late Thursday, with the FBI attributing the attack to the North Korean state-sponsored unit TraderTraitor.
- Binance covered 95% of stolen assets by utilizing its $1 billion Secure Asset Fund and Futures Insurance Fund, setting aside around $6.34 billion total to cover losses.
- DefiLlama reported more than $3.5 billion in net outflows on Sunday, though a spokesperson noted withdrawal volumes are stabilizing and represent a small percentage of assets.
- The FBI expects "further laundering" of stolen tokens, while President Donald Trump stated on Saturday it remains unclear whether North Korea is responsible for the breach.
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66 Articles
Binance sees spike in withdrawals as exchange returns online after $6.3B heist
Binance customers pulled $3.64 billion, or 2.1% of its assets, as the world's biggest cryptocurrency exchange went back online on Sunday after hackers the FBI links to North Korea stole billions from the platform last week.
·New York, United States
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The company assumes the financial burden of the stolen funds.
·Hungary
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The Penance platform recorded net outflows of $3.64 billion after resumption of withdrawal following a $6.3 billion penetration, while the losses of three encrypted currency platforms exceeded $8 billion.
Within just 20 minutes, hackers earn $6.3 billion at the Binance crypto exchange. Three days later, the platform allows payouts again - and briefly experiences a run on the money.
Coverage Details
Total News Sources66
Leaning Left5Leaning Right7Center10Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 23%
C 45%
R 32%
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