“Binance” users withdraw over $3 billion from exchange after massive hack

Users of the worldʼs largest cryptocurrency exchange “Binance” have begun withdrawing funds en masse after a massive hack in late October, costing the platform billions of dollars.

This was reported by “Binance”.

Users withdrew about $4.65 billion from the platform in less than ten hours, while depositing about $1 billion into the exchange.

This means that the net outflow was approximately $3.64 billion. This is about 2.1% of Binanceʼs total assets.

“Binance” began gradually resuming cryptocurrency withdrawals on November 1. Initially, transactions became available for “Bitcoin”, “Ethereum”, and a number of other assets, and the exchange is connecting the remaining currencies and networks in stages.

What happened to “Binance”?

On October 30, the “Binance” crypto exchange reported a large-scale hacker attack, with losses estimated at approximately $6.3 billion. According to the companyʼs preliminary data, the hackers may have gained access through an engineerʼs laptop.

After the attack, the exchange temporarily stopped withdrawals. About $3 billion was frozen. The company promised to compensate users for losses. As of November 1, the exchange stated that it had already recovered about 95% of the stolen assets using its own funds and cryptocurrency purchases.

On the same day, the US Federal Bureau of Investigation officially stated that North Korea was behind the theft of over $6 billion in virtual assets from the “Binance” crypto exchange.

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