Binance hack: Crypto exchange resumes withdrawals after more than $6 billion stolen, sees outflow of $4.7 billion
Binance, the world’s largest crypto exchange, on Sunday resumed withdrawal facilities for its customers, days after it was hit by a massive cyber theft. Binance said it had seen withdrawals of around $4.7 billion on Sunday, between 0600 GMT and 1530 GMT, and $1.01 billion in deposits. According to the company, the net outflow of $3.64 billion amounted to about 2.1% of the total assets it manages.
The crypto exchange also downplayed the spike in withdrawals in the early hours, saying volumes had declined and were stabilizing, while deposit volumes remained substantial. Co-founder and former CEO Changpeng Zhao, aka CZ, also thanked Binance customers for their support.
“2 hours after withdrawals resumed: 2.1% net outflow, with most occurring in the first couple of hours. Over $1 billion in flow, too. 98% choose to stay! Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times. Thank you for your trust!” CZ said in a post on X.
Quick answers to key questions
•5 QUESTIONS
1
What happened in the Binance hack?⌵Binance said approximately $6.3 billion in digital assets was stolen in a cyberattack on October 29. The FBI attributed the attack to TraderTraitor, a North Korean cyberwarfare group.
2
Why did Binance suspend withdrawals after the hack?⌵Binance suspended withdrawals after the theft to investigate the breach and stabilise its systems. It later began restoring withdrawals in phases.
3
How much money flowed out of Binance after withdrawals resumed?⌵Binance reported $4.7 billion in withdrawals and $1.01 billion in deposits on Sunday, resulting in a net outflow of $3.64 billion. The exchange said withdrawal activity later stabilised.
4
How is Binance covering the losses from the hack?⌵Binance said it had set aside more than $6.34 billion in company funds and would cover the financial impact rather than pass the losses on to customers. It also used company funds to buy replacement tokens; less-liquid assets may take longer to source.
5
Who did the FBI identify as responsible for the Binance hack?⌵The FBI identified TraderTraitor, a North Korean cyberwarfare group, as responsible for the theft. The group has also been blamed for a previous cryptocurrency theft from Bybit.
Binance was hit by a massive hack on 29 October, described as the largest cryptocurrency heist in history, resulting in the theft of approximately $6.3 billion worth of digital assets.
Following the hack, Binance suspended user withdrawals, saying they would be resumed in phases, with the first phase beginning on Sunday.
According to the Federal Bureau of Investigation (FBI), the heist was carried out by TraderTraitor, a North Korean cyberwarfare group. TraderTraitor is the same group blamed for a $1.5 billion theft from the Bybit platform in February last year.
Earlier, on Saturday, Binance said it has set aside more than $6.34 billion in company funds to cover losses in the hack.
The company has offered reassurances that it will cover the losses from the attack, saying it has used company funds to buy tokens to replenish 90% of what was stolen.
"Our commitment remains the same: Binance will fully cover the financial impact of the funds stolen in this incident," the company said on X.
It said it has used company money to buy tokens to replenish 90% of the stolen funds, while the remaining 10% of tokens are "less liquid, which means they may take longer to source in the required amounts."
Binance, founded in 2017, is the world's largest crypto exchange by daily trading volumes. News of the hacking attack also caused the prices of most major cryptocurrencies to fall sharply on Friday.
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