Binance Reopens Withdrawals as Hack Recovery Enters Second Week
By Micah Zimmerman
AI summary of the source article
Binance restarted customer withdrawals across multiple networks following a roughly $6.3 billion hack of its hot wallets. The exchange has replenished 95% of the impacted assets using company funds and committed to covering all user losses.
Why it matters
"The move marked the first real test of whether the platform could absorb a loss of that size without freezing its customers out for longer."
Key facts
- Hackers stole roughly $6.3 billion from Binance's hot wallets in the largest recorded crypto theft.
- Following the reopening, Binance processed about $4.65 billion in withdrawals against $1.01 billion in deposits, yielding a $3.64 billion net outflow.
- Tether froze about $1.57 billion in USDT and Circle froze over $800 million in USDC, as the FBI attributed the attack to North Korea.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Binance Reopens Withdrawals as Hack Recovery Enters Second Week Binance has reopened withdrawals after its $6.3 billion North Korea hack, covered 95% of losses, and has reserves for the remaining 5%, with post-mortem reviews to stay open. This post Binance Reopens Withdrawals as Hack Recovery Enters Second Week first appeared on Bitcoin Magazine and is written by Micah Zimmerman .