Binance Faces $3.6 Billion Outflow After Record $6.3 Billion Hack

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Binance experienced a net outflow of $3.6 billion in cryptoassets after restoring customer withdrawals, following a $6.3 billion hack attributed to North Korean hackers, the largest cyber theft in history. The exchange froze withdrawals to investigate and pledged full customer reimbursement. The outflow eased after an initial spike, and Binance has replaced about 95% of stolen funds using its corporate treasury and insurance reserves. The company stated losses will not be passed on to users, and experts praised its rapid response and public communication. The hack, caused by a compromised employee laptop, has raised fresh questions about cryptocurrency security and AI-enhanced hacking. Despite the incident, many clients remain loyal due to Binance's liquidity and size, with major cryptocurrencies showing less than 1% price movement on Sunday.


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