Binance Records $3.64 Billion Net Outflow Following Resumption of Withdrawals After Hack
Following a massive $6.3 billion security breach attributed by the FBI to North Korean hackers, Binance has resumed withdrawal services. On November 1, the exchange processed $4.65 billion in withdrawals against $1.01 billion in deposits, resulting in net outflows of $3.64 billion. This movement represents approximately 2.1% of Binance's total assets, which were valued at $171 billion as of late October. Binance founder Changpeng Zhao noted that withdrawal volumes began to stabilize after an initial surge and emphasized that the majority of users have remained on the platform. To mitigate user impact, the exchange stated it would absorb the losses rather than passing them to customers, reporting that it has already covered approximately 95% of the impacted funds.
Topics: asset security crypto regulation cybersecurity hack exchange outflows
Part of the story Binance Discloses Record-Breaking $6.3 Billion Cryptocurrency Theft (10 articles)