Binance users withdraw billions after record crypto hack - BBC News
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Binance users withdraw billions after record crypto hack
Image source:
By
Osmond Chia
Business reporter
Published
7 minutes ago
Binance customers withdrew more than $3.6bn (£2.7bn) of assets from the world's largest cryptocurrency exchange as it reopened on Sunday following a record hack last week.
The firm suspended all transactions in the wake of the incident, which impacted $6.3bn worth of digital assets.
Major organisations, including the US Federal Bureau of Investigation (FBI), have accused North Korea of being responsible for the cyber attack, which is said to be the largest hack in history.
The company said it has covered around 95% of the assets stolen in the breach, but that the remaining amount may take longer to source. Binance has repeatedly said it would cover all of the losses linked to the attack.
There was an "initial spike" in withdrawals, which later declined and "are stabilising as expected", Binance posted on X. It added that withdrawals for major cryptocurrencies like Bitcoin and Ethereum have resumed and that more services will resume in phases once security checks are completed.