Binance users withdraw $3.6bn after record $6.3bn crypto hack

Binance, the world's largest cryptocurrency exchange, experienced a record hack impacting $6.3 billion worth of digital assets, BBC Technology reported.

In response to the breach, Binance suspended all transactions but reopened on Sunday, during which customers withdrew $3.64 billion in assets.

The company processed $4.65 billion in withdrawals and $1.01 billion in deposits between 6:00 and 15:30 GMT on November 1, resulting in a net outflow of approximately $3.64 billion, according to Binance's post on X.

Authorities including the US Federal Bureau of Investigation have accused North Korea of responsibility for the cyber-attack, which is considered the largest hack in history.

Binance stated it has covered around 95% of the stolen assets and has reserved over $6.34 billion in funds to manage the aftermath, assuring customers it will cover all losses related to the attack.

Withdrawals of major cryptocurrencies such as Bitcoin and Ethereum have resumed, and Binance plans to restore more services in phases after completing security checks.