Binance says exit rush slowing down as users weigh security risk
Binance said it has covered 95% of the stolen assets as customers withdrew $3.64 billion after services reopened.
- North Korean state-supported cyber group TraderTraitors stole an estimated $6.3bn in crypto assets from Binance in a highly-complex operation taking around 20 minutes to complete late last week.
- Binance froze about $3bn in assets last Friday, while coin issuers including Tether and Circle also froze billions to prevent further losses after the security breach.
- During nine hours yesterday, the exchange processed $4.6bn in withdrawals and more than $1bn in deposits, representing a net outflow of $3.6bn, or 2.1pc of its $171bn in assets under management.
- While Binance stated set-aside funds have covered 90pc of lost assets, Alexander Shirtcliff of Edwin Coe claims user terms contain liability limits and lack Secure Asset Fund commitments.
- With this latest loot, the North Korean group now wields nearly $8bn in stolen crypto assets, following a connected $1.5bn theft at ByBit early last year.
101 Articles
101 Articles
Binance says customers pulled net US$4.7 billion after hack as crypto world weighs risk
Binance’s customers have withdrawn almost US$5 billion from the world’s biggest cryptocurrency exchange since it reopened after a hack that saw $6.3 billion of crypto stolen from the platform in what could be the largest financial heist in history.
Elite North Korean hackers drained a major crypto exchange worth double-digit billions in twenty minutes. Users withdrew billions more when the crypto exchange reopened on Sunday.
Binance users pulled some $5 billion out of the world's largest crypto exchange that resumed work on Sunday after an unprecedented hacker attack, writing The Financial Times.
Binance users withdraw $3.6bn after $6.3bn hack
Customers of Binance, the world’s largest cryptocurrency exchange, withdrew approximately $3.6bn in assets after the platform resumed transactions on Sunday following a cyberattack involving $6.3bn worth of digital assets. Read More: https://punchng.com/binance-users-withdraw-3-6bn-after-6-3bn-hack/
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