Binance customers pulled billions off the exchange in the days after the record hack that hit the platform on October 29. According to blockchain data CEO Richard Teng shared, withdrawals exceeded deposits by $5.28 billion in the 46 hours after the attack.
Binance (Credits: CoinDesk)
Binance Outflows After the $6.4 Billion Hack
Per CoinDesk’s reporting, Binance customers withdrew $10.97 billion in cryptocurrency in the 46 hours after the hack, with withdrawal pressure peaking on November 1. Between November 1 and early November 3, deposits totaled $5.69 billion as the pressure eased. By 03:00 UTC on November 3, hourly deposits exceeded withdrawals by about $10 million — a shift Teng cited as a sign of stabilization. “The trend is starting to show more positive inflows with hourly deposits exceeding withdrawals,” he wrote.
The hack itself is being described as the largest crypto theft on record, with roughly $6.3-6.4 billion stolen. The FBI attributed the October 29 attack to North Korea’s TraderTraitor hacking group.
Binance Says Hack Losses Are Being Covered
Binance says it has already covered about 95% of the affected assets using its corporate treasury, part of its SAFU insurance fund and some of its futures insurance reserves, per Reuters, and has pledged to absorb the losses. Withdrawals were frozen for about 48 hours after the attack and restored in phases from Sunday; Binance said net outflows amounted to about 3% of its assets, which analysts cited as a sign customer confidence had largely held up.
Also Read: Tether Holds 150,000 Bitcoin Worth $11.5 Billion, CEO Paolo Ardoino Says
Source: CoinDesk — read the full story there.
