Binance withdrawals top $3.6bn after record-breaking cyber attack
Binance customers withdrew more than $3.6bn (£2.7bn) in assets after the cryptocurrency exchange reopened on Sunday, following a record hack. The incident affected $6.3bn of digital assets and led Binance to suspend transactions; the FBI and other organisations have accused North Korea of carrying out the attack.
Binance said it had covered about 95% of the stolen assets and remained committed to covering all losses, though sourcing the rest may take longer. The company reported that an initial surge in withdrawals had eased and was stabilising, with Bitcoin and Ethereum withdrawals restored and other services due to return in phases after security checks.
In short
- Binance reopened after a hack affecting $6.3bn in assets.
- Customers withdrew more than $3.6bn.
- The company says it has covered about 95% of the stolen assets.
Explained simply
Binance is a cryptocurrency exchange, where customers can buy, sell and store digital currencies such as Bitcoin and Ethereum. It is one of the largest platforms of its kind, so problems with its services can affect many customers and draw attention across the wider crypto market.
Crypto exchanges hold or manage digital assets on behalf of customers, making their security important. When an exchange pauses transactions after a cyber attack, customers may be unable to move funds until services resume, and confidence in the platform can be tested. North Korea has been accused by the FBI and other organisations of carrying out the attack.
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Originally published by BBC Technology as “Binance users withdraw billions after record crypto hack”.