North Korea · Bitcoin · Bitcoin Magazine
Binance Reopens Withdrawals as Hack Recovery Enters Second Week
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Binance has reopened withdrawals after its $6.3 billion North Korea hack, covered 95% of losses, and has reserves for the remaining 5%, with post-mortem reviews to stay open.
Key facts
- Between 06:00 and 15:30 UTC, the exchange processed about $4.65 billion in withdrawals against roughly $1.01 billion in deposits
- That produced a net outflow near $3.64 billion, equal to about 2.1% of the $171 billion in assets Binance reported in its late-October proof of reserves
- Binance has reopened withdrawals after its $6.3 billion North Korea hack, covered 95% of losses, and has reserves for the remaining 5%, with post-mortem reviews to stay open
- The exchange plans another snapshot covering more tokens on November 4, with a proof expected to take 40 to 50 hours to generate
Summary
Binance restarted customer withdrawals on Sunday, four days after hackers drained roughly $6.3 billion from its hot wallets in the largest crypto theft on record. The exchange reopened in stages over the weekend, starting with bitcoin and expanding to 15 networks. The recovery push began Saturday. The futures fund contribution drew particular attention, since Binance described the remaining balance as a regulatory requirement.