Binance Resumes Transactions After $6.3 Billion Hack as Outflows Reach $3.64 Billion
Updated
Updated · The New York Times · Nov 1
Binance Resumes Transactions After $6.3 Billion Hack as Outflows Reach $3.64 Billion
3 articles · Updated · The New York Times · Nov 1
Summary
$3.64 billion flowed out of Binance after it reopened withdrawals Sunday, with users depositing $1.01 billion and withdrawing $4.65 billion, mostly in the first few hours before activity stabilized.
Binance said the net outflow equaled 2.1% of the $171 billion in assets it manages, framing the move as limited after a three-day freeze imposed following Thursday's cyberattack.
The exchange said it will cover all hack-related losses and has worked with other crypto firms to freeze about $3 billion of the stolen funds while it continues testing remaining networks and assets.
The FBI and cybersecurity analysts attributed the $6.3 billion theft to North Korea, and Chainalysis said the attackers may have used AI to speed thousands of transactions.