Binance records $3.64 billion in net withdrawals after hack
By the AFREEQUE newsroom, based on MyJoyOnline
Illustrative image · Bastian Riccardi · Pexels · Licence PexelsBinance customers made $3.64 billion in net withdrawals after the platform reopened following a hack that affected $6.3 billion in digital assets. The withdrawals were recorded on 1 November and services are gradually resuming after security checks, according to Binance.
Binance customers withdrew a net $3.64 billion from the platform on Sunday 1 November, after trading resumed following a hack, MyJoyOnline reports. Between 6am and 3.30pm GMT, the company processed $4.649 billion in withdrawals and $1.01 billion in deposits, according to figures it published on X.
Binance said withdrawals initially rose sharply before slowing and stabilising. Withdrawals of more than two dozen cryptocurrencies, including bitcoin and ether, resumed. Other services are to be restored in stages following security checks.
The hack affected $6.3 billion in digital assets on Binance.com, the group’s international platform. Binance says it has covered about 95% of the stolen assets and has pledged to cover all losses. The FBI and other organisations attributed the attack to the North Korean group TraderTraitor, also known as Lazarus. The FBI published wallet addresses linked to the group on Saturday and called on industry participants to block the corresponding transactions.
Binance had suspended trading after the attack. The company said its initial checks suggested that a compromised engineer’s laptop may have enabled unauthorised operations. It said it was drawing on its cash reserves and insurance and emergency reserve funds to replace customers’ assets. Binance’s US platform was not affected.
