Binance sees spike in customers pulling funds out after covering bulk of stolen $6.3 billion
Binance said it replaced 95% of the stolen crypto with company funds and saw withdrawals stabilize after an initial spike.
- 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.
146 Articles
146 Articles
Binance Resumes Phased Bitcoin and Crypto Withdrawals After Record $6,360,000,000 Hack
Binance has begun reopening withdrawals in phases starting with bitcoin following the largest crypto theft ever recorded. The exchange confirms it will cover all losses itself while user funds remain fully protected.
Net outflows correspond to 2.1% of its total assets, while the company states that it has covered 95% of losses - Bitcoin falls below $69,900 again
Binance restores withdrawals globally bringing relief to more than 30 African markets as $6.3 billion hack triggers $3.6 billion global exodus
Binance has begun restoring cryptocurrency withdrawals after covering 95% of the assets stolen in a record $6.3 billion cyberattack, reopening access for customers in a global market that includes more than 30 African countries.
Binance resumes withdrawals after billions stolen in hack
Binance said it had seen withdrawals of around $4.7 billion (€4.21bn) on Sunday, after more than $6 billion (€5.38bn) in virtual assets were stolen from the cryptocurrency exchange in a major hack for which the FBI said North Korea was responsible.
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