Binance reports $4.7 billion in outflows following major crypto theft
Binance recorded $4.72 billion in net outflows as the cryptocurrency exchange resumed operations after a $6.3 billion security breach.
Binance experienced $4.72 billion in net outflows on November 1, immediately following the resumption of services after a two-day suspension. The trading platform had halted operations in response to a major security breach, which resulted in the theft of approximately $6.3 billion in assets.
The U.S. Federal Bureau of Investigation (FBI) has attributed the attack to the North Korean state-sponsored group TraderTraitor. In response to the illicit movement of funds, stablecoin issuer Circle confirmed it froze over $1.1 billion in USDC tokens. Blockchain analytics firm Elliptic estimates that the attackers currently maintain control of roughly $3.28 billion in stolen assets.
Binance stated that the outflows represented approximately 3% of the total assets held on its platform and has committed to full customer reimbursement. The incident follows increasing scrutiny from the U.S. Treasury, which has implemented sanctions against North Korean cyber actors involved in such activities.