Business
Investors Withdraw $3.6bn from Binance Following Record $6.3bn Hack
The Guardian · 2 hours ago · Read the Full Story on The Guardian
AI SUMMARY
Investors have pulled $3.6bn from cryptocurrency exchange Binance as it begins reopening withdrawals following a record $6.3bn hack attributed by the FBI to North Korea.
- Investors pulled $3.6bn in funds from cryptocurrency exchange Binance following a record $6.3bn theft from customer accounts on Thursday.
- The net outflow of $3.6bn represented 2.1% of Binance's $171bn in total assets under management after processing $4.6bn in withdrawals and $1bn in deposits by Sunday afternoon.
- Binance began a phased reopening of withdrawals on Sunday after initially freezing them, restoring access for 15 networks and assets including ethereum and USDT and USDC tokens.
- The FBI confirmed that a North Korea-affiliated group called TraderTraitor, believed to be part of the Lazarus Group, was behind the hack.
- Binance stated it had replenished 90% of the stolen amount, using its secure asset fund, futures insurance fund, and corporate treasury, and committed to covering the remaining 10%.
- Co-chief executive Richard Teng stated that users would not bear the financial impact of the hack.
- The security breach involved a compromised laptop and malicious software designed to delete evidence, according to Teng.
- Bitcoin plunged nearly 5%, ethereum dropped nearly 6%, and BNB tumbled nearly 10% following news of the hack.
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