The key facts
- After Binance resumed operations, customers withdrew more than $3.6 billion in assets
- The hack affected $6.3 billion in digital assets and is described as the largest in history
- The FBI and other organizations blamed North Korea; Binance said it had covered about 95% of the stolen funds
Mass withdrawals after a record-breaking exchange hack
Binance customers withdrew more than $3.6 billion (£2.7 billion) in assets after the world's largest cryptocurrency exchange resumed operations on Sunday, BBC News reports. This came after last week's hack, which affected $6.3 billion in digital assets and is said to be the largest hack in history. Following the incident, the company suspended all transactions.
Accusations against North Korea and coverage of losses
Major organizations, including the US Federal Bureau of Investigation (FBI), have accused North Korea of orchestrating the cyberattack. Binance itself said it had covered about 95% of the assets stolen in the hack, though covering the remainder may take more time; the company has repeatedly stressed that it will compensate all losses related to the attack.
Restoration of exchange operations
Binance said that after reopening it saw an 'initial surge' of withdrawals, which then declined and 'is stabilizing, as expected' (the company's post on X). Withdrawals of major cryptocurrencies, including Bitcoin and Ethereum, have resumed, while other services will be launched gradually once security checks are completed.
Image source, Reuters 
