Binance users withdraw $3.6bn after $6.3bn hack — SkimNews
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- Binance suspended all transactions after a hack compromised $6.3bn in digital assets, later resuming withdrawals for major cryptocurrencies as security checks continued.
- Binance processed $4.649bn in withdrawals and $1.01bn in deposits on November 1, resulting in a net outflow of $3.64bn, representing just over 2% of its $171bn in managed assets.
- Binance said it has covered around 95% of the stolen funds using its corporate treasury and emergency reserves, pledging to fully reimburse all losses from the breach.
- North Korea is accused by the FBI and other authorities of orchestrating the attack through its cyber unit TraderTraitor, also known as the Lazarus Group.
- Chainalysis investigator Alex Zebrick confirmed that stolen funds are being actively laundered across thousands of addresses, complicating recovery efforts.
Why it matters: Binance lost control of $6.3bn—over 3% of its total assets—and while it has covered most losses, the ongoing laundering of funds through complex chains threatens full recovery. The $3.6bn net withdrawal shows user distrust despite assurances, raising pressure on the exchange’s liquidity and reputation.
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