UPDATE: Institutions pull crypto exchange funds after Binance exploit
CIE News ·
Update to Binance faces reported multi-billion dollar hack as BNB falls 6%
Based on reporting by CoinDesk; not yet independently confirmed.
Institutional investors are withdrawing funds from exchanges following a multibillion-dollar breach at Binance on October 30, according to CoinDesk.
Institutional crypto investors began withdrawing funds from multiple exchanges on October 30 following a multibillion-dollar breach at Binance, CoinDesk reported. As previously reported, news of the security incident caused crypto asset prices to slide, with BNB dropping 6% in value within an hour as it led the market downturn.
The rising withdrawals indicate that the fallout from the Binance exploit is extending across the broader market rather than remaining confined to the targeted platform, according to CoinDesk. The development represents an immediate repositioning of institutional assets across the sector in the aftermath of the event.
According to DefiLlama, the exploit drained approximately $5.78 billion in assets across several networks. The affected blockchains reported by the tracker include Ethereum, Bitcoin, TRON, Avalanche, Optimism, Arbitrum, and Base.
Key facts
- Institutions pulling funds
- Binance breach ~$5.78B
- BNB dropped 6% in one hour
- 7 blockchains affected