Significant Withdrawals from Binance Following Major Cyber Heist
In the aftermath of an unprecedented cyber theft, traders have withdrawn billions from the Binance exchange. The platform experienced the largest theft in cryptocurrency history last week, prompting widespread concern among its users.
As of Monday morning in London, net withdrawals from Binance soared to approximately $4.7 billion, according to a spokesperson for the exchange. While this figure is substantial, it accounts for less than 4% of the total $128 billion in assets held on the world’s leading cryptocurrency platform.
Security Measures and Recovery Efforts
Following the exploit, which amounted to $6.4 billion and has been linked to North Korean hackers by the Federal Bureau of Investigation, Binance paused customer withdrawals on Sunday. The exchange then resumed these withdrawals after implementing crucial security measures aimed at protecting user assets.
Upon detection of the breach on Thursday evening, Binance collaborated with industry partners, including stablecoin issuers, to swiftly freeze nearly half of the stolen funds. The exchange has committed to covering the losses entirely and announced that it has successfully remedied approximately 95% of the security vulnerabilities involved in the incident.
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