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Binance sees more than $4.6 billion in withdrawals after largest crypto hack in history
Yahoo Finance • • general
Key Points:
- Binance experienced $3.64 billion in net outflows after gradually restoring user withdrawals following a historic $6.3 billion hack linked by the FBI to North Korea.
- The exchange processed $4.649 billion in withdrawals against $1.01 billion in deposits, with net outflows representing 2.1% of its $171 billion in assets under management.
- Binance has covered approximately 95% of the stolen funds, with the remaining 5% consisting of less liquid smaller tokens still being sourced.
- The hack involved multiple perpetrators and sophisticated methods, including a self-destruct mechanism to erase evidence, according to Binance co-CEO Richard Teng.
- The incident has impacted crypto markets, with Bitcoin trading near $77,700 and the overall crypto market losing about 3% of its value, equivalent to $80 billion in the past week.
