Binance sees $3.6 billion outflow after $6.3 billion hack

Binance, the world's largest cryptocurrency exchange, saw net outflows of $3.64 billion on Sunday after a $6.3 billion hack, though analysts say there has been no widespread investor panic. The company resumed partial withdrawals, with the net amount representing 2.1% of its held assets. The FBI attributed Thursday's attack to North Korean hackers, and Binance says it has secured $6 billion from its treasury, insurance fund, and a security reserve to cover losses. While bitcoin and ether have stabilized, analysts warn the incident may increase caution among large investors and heighten security concerns for the digital asset market. Investors like Jay Koh and Ryan Tan plan to keep funds on Binance, citing its role in liquidity and trading, though some have reduced balances since the FTX collapse. Bitcoin recovered to above $78,000 on Monday after hitting a six-week low on Friday.