The FBI identified the North Korea-affiliated group TraderTraitor, linked to the Lazarus Group, as the entity behind the multibillion-dollar breach of customer accounts. Binance stated that the intrusion involved a compromised laptop loaded with self-erasing malicious software. To make affected users whole, the exchange has already replenished 90% of the stolen tokens by committing roughly $6.34 billion across its corporate treasury, user secure asset fund, and futures insurance fund.
Key points
Federal authorities have officially linked the record breach directly to North Korean sta…: Federal authorities have officially linked the record breach directly to North Korean state-affiliated cyber actors.
The exchange is utilizing its internal corporate treasury and specialized insurance reser…: The exchange is utilizing its internal corporate treasury and specialized insurance reserves to absorb the financial losses.
Customer withdrawals are gradually stabilizing as services systematically reopen across n…: Customer withdrawals are gradually stabilizing as services systematically reopen across networks such as Avalanche, Dogecoin, and Ethereum.
Sources checked by our analysis pipeline: 1
Investors have pulled $3.6bn (£2.7bn) in funds from the cryptocurrency exchange Binance, as it recovers from a record hack in which billions were stolen from customer accounts.
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 likely culprit.
Binance initially froze withdrawals as it investigated the breach but on Sunday announced that it had begun a phased reopening.
By Sunday afternoon, Binance had processed $4.6bn in withdrawals and $1bn in deposits, resulting in a net outflow of about $3.6bn – representing 2.1% of its $171bn in total assets under management.
The numbers were confirmed by the company in its latest proof of reserves snapshot. A full report is expected on Monday.
Binance said that “after an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial.”
The crypto exchange told its customers that “market conditions are stable” and that its team was “testing rigorously the remaining networks and assets”.
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