Binance Hack Sparks $3.6B Outflows as FBI Probes North Korean Attack
A hack of Binance, the world's largest cryptocurrency exchange, resulted in the theft of approximately $6.4 billion, triggering massive user withdrawals and prompting investigations by the FBI and Secret Service. The attack, attributed to the North Korea-linked group TraderTraitor, drained funds from Binance's hot wallets across about 10 blockchains on Thursday. The subsequent $3.64 billion in user withdrawals and $643 million in Bitcoin ETF outflows erased October's gains, flipping the month to a net loss. Binance CEO Richard Teng stated the company will cover all losses from corporate funds and its SAFU reserve, with $6.34 billion already set aside. The exchange has resumed withdrawals, and regulators are using the incident to push for stricter oversight of offshore crypto platforms.