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Binance Investors Pull $3.6bn After $6.3bn Hack Believed Linked to North Korea
Investors pull $3.6bn from Binance after $6.3bn hack believed linked to North Korea
Key points
- By Sunday afternoon Binance had processed $4.6bn in withdrawals and $1bn in deposits, a net outflow of about $3.6bn.
- The FBI said TraderTraitor, a North Korea-affiliated group believed to be part of the Lazarus Group, was behind the theft.
- Binance said it set aside about $6.34bn of company funds to cover the losses and would fully cover the financial impact of the hack.
Why it matters. Binance says users will not bear the financial impact of the hack, while the remaining 10% of stolen tokens may take longer to buy because they are less liquid.
Investors have pulled a net $3.6bn (£2.7bn) from the crypto exchange Binance as it recovers from a $6.3bn theft on Thursday. The FBI said North Korea was behind the hack, naming a group called TraderTraitor that it said was converting stolen assets into ethereum. Binance said withdrawals were stabilising, with 90% of the stolen amount replenished and a phased reopening under way.
Latest updates
Binance Investors Pull $3.6bn After $6.3bn Hack Believed Linked to North Korea
Investors have pulled billions of dollars from the cryptocurrency exchange Binance following a hack that the Guardian describes as a record $6.3bn theft. According to the report, investors have withdrawn $3.6bn so far. The theft is believed to have come from North Korea. Binance has now begun to allow withdrawals again. The episode highlights the continuing security risks facing large crypto exchanges and the sensitivity of customer funds to such incidents.
Binance Restores Withdrawals After $6.3bn Hack the FBI Links to North Korea
Binance has begun restoring customer withdrawals after hackers stole about $6.3bn in cryptocurrency. United States authorities, including the FBI, have blamed hackers from North Korea for the theft. The exchange resumed some of its services on Sunday after suspending them following Thursday's attack. Binance said it investigated the breach and carried out security checks before reopening. The theft is described as a record for the crypto sector.
US Probes Possible North Korean Link to $6.3 Billion Binance Hack, Trump Says
US President Donald Trump said Washington was looking into whether North Korean hackers were behind a $6.3 billion heist targeting Binance. Speaking to reporters in the Oval Office on Friday, Trump said, "We don't know. We're looking at that." The theft has rattled the cryptocurrency world, according to the report. Binance said about $3 billion of the stolen assets had been frozen. The attack is described as a record cryptocurrency theft.