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Binance Investors Withdraw $3.6bn as Exchange Resumes Withdrawals After Hack
Binance investors pull $3.6bn as exchange resumes withdrawals after $6.3bn hack
Key points
- Binance processed $4.6bn in withdrawals and $1bn in deposits by Sunday afternoon, a net outflow of about $3.6bn.
- The platform said it had replenished 90% of the stolen amount, and the remaining 10% of tokens were less liquid.
- The FBI said North Korea-affiliated group TraderTraitor was behind the hack, which it said took place on or about October 29.
Why it matters. Binance says users will not bear the hack's financial impact, but the remaining 10% of tokens are less liquid and may take longer to buy.
Investors pulled $3.6bn (£2.7bn) from Binance on Sunday as the crypto exchange began a phased reopening of withdrawals after a $6.3bn theft on Thursday. Binance processed $4.6bn in withdrawals and $1bn in deposits by Sunday afternoon, according to its latest proof of reserves snapshot. The FBI said North Korea-affiliated group TraderTraitor was behind the hack, and Binance said it had set aside about $6.34bn of company funds to cover the losses.
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Binance Investors Withdraw $3.6bn as Exchange Resumes Withdrawals After Hack
Cryptocurrency exchange Binance has begun allowing customer withdrawals again after a hack that stole $6.3bn. The theft is believed to have come from North Korea. Investors have pulled out about $3.6bn from the exchange since withdrawals resumed. The withdrawals show how quickly customers are moving funds after one of the largest crypto thefts on record. The exchange has said it will cover customer losses. Further details on the outflows and the status of stolen funds were not confirmed in the source.