Binance users withdraw $3.6bn after record crypto hack
Binance customers withdrew $3.64bn (£2.72bn) of assets from the world’s largest cryptocurrency exchange as it reopened on Sunday following a record hack last week.
The firm suspended all transactions in the wake of the incident, which impacted $6.3bn worth of digital assets.
Major organisations, including the US Federal Bureau of Investigation (FBI), have accused North Korea of being responsible for the cyber-attack, which is said to be the largest hack in history.
The company said it has covered around 95% of the assets stolen in the breach, but that the remaining amount may take longer to source. Binance has repeatedly said it would cover all of the losses linked to the attack.
“Between 06:00 and 15:30 [GMT] on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion,” Binance posted on X.
There was an “initial spike” in withdrawals, which later declined and “are stabilising as expected”, it added.
Sunday’s net withdrawals account for just over 2% of the $171bn of assets under its management, said Binance.
The firm said last week that it has reserved more than $6.34bn in funds, to deal with the fallout of the attack.
Binance also said withdrawals of more than two dozen major cryptocurrencies like Bitcoin and Ethereum have resumed and that more services will resume in phases once security checks are completed.
