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

theguardian.com —

Investors withdrew $3.6 billion from cryptocurrency exchange Binance following a record $6.3 billion hack, the largest in history, which experts attribute to North Korea. The platform has begun restoring services and covering losses. Binance froze withdrawals after the Thursday breach but reopened them on Sunday, processing $4.6 billion in outflows against $1 billion in deposits. The company stated it replenished 90% of stolen assets and committed to covering the remaining 10%, with the FBI confirming North Korean group TraderTraitor's involvement. The FBI warned that TraderTraitor, linked to the Lazarus Group, is converting stolen assets into Ethereum for laundering. Binance used its secure asset fund to cover losses, while Bitcoin and Ethereum prices fell sharply amid concerns about the hack's scale and North Korea's sanctioned economy.


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