UPDATE: Binance replenishes up to 95% of funds after $6.3B hack
CIE News ·
Update to UPDATE: Binance records $3.64B in net outflows after reopening withdrawals
Based on reporting by The Guardian; not yet independently confirmed.
Following $3.64 billion in net outflows, Binance replenished 90% to 95% of the $6.3 billion stolen on October 29 and resumed withdrawals on major networks.
Binance has replenished 90% to 95% of the stolen assets following the October 29 cyberattack that drained $6.3 billion from its wallets. As previously reported, the exchange recorded $3.64 billion in net outflows after reopening withdrawal services on November 1, an amount representing roughly 2.1% of its $171 billion in total assets under management.
Phase-one withdrawals resumed across networks including Bitcoin, Ethereum, Solana, Dogecoin, and Avalanche, as well as USDT and USDC on Ethereum and BNB Smart Chain. Co-CEO Richard Teng stated that the platform is taking a careful approach to restoring services and reiterated that Binance will fully absorb the financial impact so users do not bear the losses. The company noted that the remaining unreplenished tokens are less liquid and will take longer to acquire.
The FBI confirmed that North Korea-affiliated group TraderTraitor was behind the breach, which involved a compromised laptop and malicious software designed to erase activity logs. Binance set aside around $6.34 billion of its own funds to cover the shortfall, with full technical reports expected on November 3.
Key facts
- $6.3B stolen on Oct 29
- 90-95% of assets replenished
- $3.64B in net outflows
- Technical report due Nov 3
Read the original at The Guardian