Binance has already tapped multiple reserve funds to cover 95% of the stolen digital assets, promising to absorb the entire loss internally. The platform is processing customer withdrawals in stages, prioritizing assets such as bitcoin, ether, dogecoin, and specific stablecoins. The breach, which unfolded in about 20 minutes late on Thursday, triggered market-wide drops before major tokens managed a modest recovery.
Key points
Binance relied on its Secure Asset Fund for Users and corporate treasury to cover nearly…: Binance relied on its Secure Asset Fund for Users and corporate treasury to cover nearly all missing assets.
Investigators observed the attackers rapidly converting their stolen cryptocurrency balan…: Investigators observed the attackers rapidly converting their stolen cryptocurrency balances into ether during the 20-minute heist.
Bitcoin managed to rebound above the $78,000 threshold despite the historic scale of the…: Bitcoin managed to rebound above the $78,000 threshold despite the historic scale of the exchange robbery.
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The exchange moved to reassure crypto investors and said withdrawals were stabilising after an initial spike and deposit volumes had remained "substantial". It said it had now covered 95% of the assets stolen in the heist.
Read more: FBI says North Korea behind $6 billion crypto theft from Binance
After hitting a six-week low on Friday, bitcoin prices recovered slightly through the weekend to trade above $78,000 on Monday. Ether hit a two-month low on Friday and also recovered a little to $2,287.
Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally. It said on Sunday it had $171 billion in total assets under management as of October 28.
"(That) puts the withdrawals in the range of a precautionary reaction rather than any sort of capital flight," said Ari Redbord, global head of policy at TRM Labs.
The Binance theft, which analysts say could be the biggest financial robbery ever, adds to a string of recent crypto thefts. Attackers stole $2.9 billion worth of cryptocurrency…
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