Last week, hackers broke into Binance, the world’s largest crypto exchange, and strolled off with $6.3 billion in digital coins. The attack appears to be the biggest crypto heist on record, according to The New York Times.
But now that withdrawals have reopened, plenty of users are ready to say bye-bye to Binance. Since Sunday, users pulled about $4.65 billion and deposited $1.01 billion, for a net outflow of $3.64 billion, most of it in the first few hours. Binance says that’s just 2.1% of the $171 billion it manages and that activity has since stabilized.
Binance has promised to cover all losses, and NBC News reports it has already replaced 90% of the stolen funds. The FBI has tied the Binance hack to North Korea’s TraderTraitor unit, and Chainalysis says the attackers may have used AI to speed things up.
“Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times,” co-founder Changpeng Zhao posted on X Sunday.
Last week, hackers broke into Binance, the world’s largest crypto exchange, and strolled off with $6.3 billion in digital coins. The attack appears to be the biggest crypto heist on record, according to The New York Times.
But now that withdrawals have reopened, plenty of users are ready to say bye-bye to Binance. Since Sunday, users pulled about $4.65 billion and deposited $1.01 billion, for a net outflow of $3.64 billion, most of it in the first few hours. Binance says that’s just 2.1% of the $171 billion it manages and that activity has since stabilized.
Binance has promised to cover all losses, and NBC News reports it has already replaced 90% of the stolen funds. The FBI has tied the Binance hack to North Korea’s TraderTraitor unit, and Chainalysis says the attackers may have used AI to speed things up.
“Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times,” co-founder Changpeng Zhao posted on X Sunday.