Binance users withdrew more than $3.6bn after record hack
Binance customers pulled over $3.6bn as trading reopened after a hack affecting $6.3bn in assets; the exchange says it has covered about 95% of stolen assets.
The story in focus
Binance customers withdrew more than $3.6bn in assets as the exchange reopened on Sunday following a record hack that impacted $6.3bn in digital assets, BBC News reported. Binance said it has covered about 95% of stolen assets and that withdrawals for Bitcoin and Ethereum have resumed.
- Customers withdrew more than $3.6bn from Binance as it reopened on Sunday after suspending all transactions.
- The hack impacted $6.3bn worth of digital assets, according to BBC News.
- Binance said it has covered around 95% of stolen assets; the remainder may take longer to source.
- Withdrawals for Bitcoin and Ethereum have resumed, with more services to resume in phases after security checks.
- Binance said early checks suggest the incident may have begun with a compromised engineer laptop.
Withdrawals resume after suspension
Binance customers withdrew more than $3.6bn in assets as the cryptocurrency exchange reopened on Sunday following a record hack, BBC News reported. The firm had suspended all transactions after the incident, which impacted $6.3bn worth of digital assets.
Binance said there was an initial spike in withdrawals that later declined and were stabilising as expected. It said withdrawals for major cryptocurrencies including Bitcoin and Ethereum have resumed, and more services will return in phases once security checks are completed.
Coverage and suspected origin
The company said it has covered around 95% of the assets stolen in the breach, but the remaining amount may take longer to source. Binance has repeatedly said it would cover all losses linked to the attack.
Binance said last week that early checks suggest the incident may have started with a compromised laptop belonging to an engineer, allowing hackers to find a way to make unauthorised transactions. The hack hit Binance.com, its global centralised exchange; its US-facing platform said it was not affected.
Major organisations including the FBI have accused North Korea of responsibility for the cyber attack, which is said to be the largest hack in history, according to BBC News.
How much have Binance customers withdrawn since the exchange reopened?
More than $3.6bn in assets were withdrawn as Binance reopened on Sunday, BBC News reported. Binance said the initial spike declined and withdrawals were stabilising as expected.
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