Binance users rush to withdraw billions after $6.3 billion hack
Hackers the FBI linked to North Korea stole $6.3 billion from Binance, prompting a withdrawal panic when the exchange restarted.
Binance went offline after the attack, then reopened with $6.3 billion of cryptocurrency missing. The FBI said North Korean hackers known as TraderTraitor were responsible.
When trading resumed, customers rushed to pull their funds. About $3.64 billion was withdrawn, or 2.1 per cent of assets.
Binance said withdrawals were already stabilising and deposits remained strong. The exchange covered 95 per cent of stolen assets with company money to buy replacement tokens.
Analysts believe this may be the biggest financial theft ever. Crypto theft reached $2.9 billion across nearly 150 incidents last year alone.
- $6.3 billion
- Amount stolen
- $3.64 billion (2.1 per cent of assets)
- Withdrawn by users
- 95 per cent of stolen assets
- Covered by Binance
- $2.9 billion across nearly 150 incidents
- Crypto theft last year
Why it mattersIt tests whether customers trust Binance with their assets after a security breach and shows how vulnerable cryptocurrency markets remain.
AustraliaFor Australians who trade cryptocurrency or hold accounts at Binance, it raises questions about the security of exchanges holding their money.
Corroborated byinnovationaus.com
✓ Claims checked against the source and corrected before publish. checked 2 h ago
