Investors pull billions in funds from Binance after record $6.3bn hack
Summary
Binance reported a net outflow of about $3.6bn after a $6.3bn theft from customer accounts. The exchange began reopening withdrawals in phases and said it would cover the losses; the FBI attributed the theft to a North Korea-linked group.Key Facts
- By Sunday afternoon, Binance had processed $4.6bn in withdrawals and $1bn in deposits, leaving a net outflow of about $3.6bn.
- The net outflow equaled 2.1% of Binance's reported $171bn in assets under management.
- Binance initially froze withdrawals while it investigated the breach, then began restoring access in phases.
- The first phase restored withdrawals for 15 networks and assets, including ethereum, USDT and USDC on the ethereum blockchain.
- Binance said it had replenished 90% of the stolen amount and would cover the remaining 10%, so users would not bear the financial impact.
- The FBI said a North Korea-affiliated group called TraderTraitor was responsible for stealing more than $6bn in virtual assets from Binance.
- The FBI said it observed the group converting stolen assets into ethereum and urged private-sector entities to block transactions linked to addresses used to launder them.
- Binance said it had set aside about $6.34bn in company funds to cover the losses.
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