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Investors pull billions in funds from Binance after record $6.3bn hack
Investors pulled a net $3.6bn from Binance as it begins reopening withdrawals after the $6.3bn hack.
Key points
- Binance processed $4.6bn in withdrawals and $1bn in deposits by Sunday afternoon.
- Binance said it had replenished 90% of the stolen amount; the remaining 10% of tokens were less liquid.
- The FBI said North Korea was responsible and that TraderTraitor actors were converting stolen assets into ethereum.
Why it matters. Binance says users will not bear the financial impact of the hack, but the remaining 10% of tokens may take longer to buy, so recovery could be slower.
Investors have pulled a net $3.6bn (£2.7bn) out of the crypto exchange Binance, which was hit by a $6.3bn theft on Thursday. By Sunday afternoon Binance had processed $4.6bn in withdrawals and $1bn in deposits, equal to 2.1% of its $171bn in assets under management, according to its proof of reserves snapshot. The FBI said North Korea was responsible and named TraderTraitor, which it said was converting stolen assets into ethereum.
Latest updates
Investors pull billions in funds from Binance after record $6.3bn hack
US government agencies and cyber analysts have blamed Pyongyang for the record-breaking heist.
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 According to the report, investors have withdrawn $3.6bn so far.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.