A record cyberattack attributed by experts to North Korea has triggered massive capital flight from Binance following a phased reopening of customer withdrawals. The security breach has severely shaken broader market confidence, resulting in hundreds of millions in institutional outflows and surging demand for downside protection. Meanwhile, fraudulent actors are aggressively attempting to exploit panicked users seeking to access their digital holdings. To mitigate risks from malicious third parties, Binance founder Changpeng Zhao warned that circulating screenshots and posts are fraudulent, advising customers to depend entirely on verified corporate announcements.
Key points
Fraudulent actors are actively targeting withdrawing users with fake posts and screenshot…: Fraudulent actors are actively targeting withdrawing users with fake posts and screenshots in the aftermath of the major security breach.
Institutional sentiment weakened substantially across the cryptocurrency market, with no…: Institutional sentiment weakened substantially across the cryptocurrency market, with no spot Bitcoin ETF recording net inflows following the incident.
Options market pricing on Derive shifted rapidly, dropping the calculated probability of…: Options market pricing on Derive shifted rapidly, dropping the calculated probability of Bitcoin reaching $100,000 by year-end down to 3.5%.
Sources checked by our analysis pipeline: 1
Introduction: Crypto 'scammers on overdrive' as Binance customers pull billions from accounts after $6.3bn hack
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Crypto scammers are now in “overdrive”, the founder of crypto exchange Binance has warned, as customers pull billions in funds from the platform as it recovers from a record hack.
The platform was hit by a $6.3bn theft on Thursday, which has since been described as the biggest heist in history. Experts identified North Korea as the probable culprit.
Binance initially froze withdrawals as it investigated the breach but on Sunday announced it had begun a phased reopening.
By Sunday afternoon, the platform had processed $4.6bn in withdrawals and $1bn in deposits, resulting in a net outflow of about $3.6bn – 2.1% of its $171bn in total assets under management. (Those numbers were confirmed by the company in its latest proof of reserves snapshot – a full report is expected today.)
ChangpengZhao, the founder of the platform and commonly known as CZ, has warned that scammers are now…
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