Business · The Guardian Technology
Investors pull billions in funds from Binance after record $6.3bn hack
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Investors have pulled $3.6bn (£2.7bn) in funds from the cryptocurrency exchange Binance as it recovers from a record hack in which billions were stolen from customer accounts.
Key facts
- By Sunday afternoon, the platform had processed $4.6bn in withdrawals and $1bn in deposits, resulting in a net outflow of about $3.6bn, representing 2.1% of its $171bn in total assets under management
- The Federal Bureau of Investigation is releasing information advising the Democratic People’s Republic of Korea (North Korea) was responsible for the theft of more than $6bn in virtual assets
- Bitcoin plunged nearly 5% after the news of the hack, while ethereum dropped nearly 6% and BNB, native to Binance, tumbled nearly 10%
- Investors have pulled $3.6bn (£2.7bn) in funds from the cryptocurrency exchange Binance as it recovers from a record hack in which billions were stolen from customer accounts
Summary
The platform was hit by a $6.3bn theft on Thursday, which has since been described as the biggest heist in history. Binance initially froze withdrawals as it investigated the breach but on Sunday announced it had begun a phased reopening. By Sunday afternoon, the platform had processed $4.6bn in withdrawals and $1bn in deposits, resulting in a net outflow of about $3.6bn, representing 2.1% of its $171bn in total assets under management. The numbers were confirmed by the company in its latest proof of reserves snapshot.