Traders have withdrawn billions of dollars from Binance since the end of last week, when the crypto giant was hit by the largest cyberattack in history. UNN reports this, citing Bloomberg.
Details
According to a Binance representative, by Monday morning in London, net outflows from the platform had reached $4.7 billion. According to the representative, the outflow accounts for less than 3% of the $166 billion in assets held on the world's largest cryptocurrency exchange.
On Sunday, Binance resumed customer withdrawals after freezing them in connection with a $6.4 billion hack that the U.S. Federal Bureau of Investigation attributed to North Korean hackers.
The FBI confirmed that hackers from North Korea hacked Binance for $6.3 billion01.11.26, 00:55
After the hack was discovered late Thursday evening, Binance, together with industry partners, including stablecoin issuers, promptly froze nearly half of the stolen funds. The company promised to fully cover the losses and, as of Sunday, had recovered about 95% of the total amount.
Binance recovered 90% of the assets worth $6.3 billion stolen during the attack01.11.26, 13:23
According to the Binance representative, withdrawal volumes remain within the exchange's expectations, while deposits continue to grow steadily.
Meanwhile, the digital-asset market as a whole remains relatively stable after the incident. Bitcoin, the industry leader, has barely changed in price, trading at around $77,700 on Monday.
Bitcoin remains stable after Binance’s record hack02.11.26, 10:28
The way Binance has so far handled the aftermath is "absolutely remarkable," said Carl-Martin Arend, co-founder of Areta, a consulting firm specializing in digital assets. Some outflows and rebalancing by traders are "absolutely to be expected," he said—but this does not imply long-term consequences.
Traders appear to agree for now, the publication notes. Julia Zhou, president and co-founder of crypto market maker Caladan, cited as a comparison the second-largest hack in cryptocurrency history. Last year, digital-asset exchange Bybit lost about $1.5 billion due to a vulnerability that the FBI also linked to North Korea. There was a massive withdrawal of funds after the incident, but the situation eventually stabilized.
"From a market-making perspective, we are also monitoring net inflows, the return of deposits, how trading liquidity and market depth are holding up, and whether funds are moving to other venues," Zhou said. "Ultimately, the more important test is whether Binance can maintain normal trading conditions."
On Sunday, Binance co-CEO Yi He said in a post on X that not all withdrawals had been made by customers—some were transfers between Binance wallets.
The cryptocurrency market as a whole has faced a sharp rise in cybercrime this year, partly driven by the increasing sophistication and accessibility of artificial-intelligence tools.
North Korean hackers are creating AI tools for cyberattacks - media10.08.26, 08:50
A barrage of hacker attacks has affected major crypto platforms, decentralized finance applications, and even hardware wallets, which were long considered the safest way to store tokens. In September, hundreds of millions of dollars were stolen from the Bitget exchange. Hackers also stole more than $100 million in bitcoin from wallets secured by devices made by Coinkite Inc.; a hack of Ledger devices resulted in multimillion-dollar losses.
The average cryptocurrency holder "may feel a little stuck," said Nick Smart, chief analyst at crypto analytics platform Crystal Intelligence. "Binance remains the dominant exchange platform despite the outflows. So even if the venue is hit, it is far from lost," the expert said.