Binance users withdraw $3.6bn after record cryptocurrency heist
The world's largest cryptocurrency exchange reopened on Sunday following a cyber-attack that impacted $6.3bn worth of digital assets.
Binance customers withdrew approximately $3.64 billion in assets on Sunday as the cryptocurrency exchange reopened following a major hack, according to BBC News. The firm reported that between 06:00 and 15:30 GMT on November 1, it processed $4.649 billion in withdrawals and $1.01 billion in deposits.
The company stated that the net outflow represents just over 2 per cent of the $171bn in assets under its management. While there was an initial spike in withdrawals, Binance said the activity is now stabilising as expected.
The cyber-attack impacted $6.3bn in digital assets and hit the global centralised exchange, Binance.com. The firm's US-facing platform said it was not affected by the incident. Binance previously noted that the breach may have originated from a compromised laptop belonging to an engineer.
Major organisations, including the US Federal Bureau of Investigation (FBI), have accused North Korea of being responsible for the attack. The FBI on Saturday released a list of wallet addresses linked to the TraderTraitor group, also known as the Lazarus Group, and urged industry partners to block transactions involving them.
Binance said it has covered about 95 per cent of the stolen assets using its corporate treasury, futures insurance, and emergency reserve funds. The company has repeatedly stated it will fully cover all financial losses linked to the attack, though sourcing the remaining amount may take longer.
Withdrawals for more than two dozen major cryptocurrencies, such as Bitcoin and Ethereum, have resumed. Binance said more services will return in phases once security checks are finished.