Binance customers withdrew $3.6 billion after the exchange reopened following a record-breaking $6.3 billion cyber-attack linked to North Korean hackers.
Binance customers pulled $3.6 billion from the platform on Sunday. The exchange reopened after suffering a historic cyber-attack. This incident impacted digital assets worth $6.3 billion.
Meanwhile, the company paused all transactions immediately after the breach. Officials now blame North Korean hackers for this massive digital theft. The FBI recently linked the attack to the Lazarus Group.
Also, Binance promised to cover all customer losses from the incident. The firm has already replaced about 95% of the stolen funds. It used corporate money and reserve funds to restore user accounts.
Next, the company shared details about the net outflow on social media. They processed over $4.6 billion in withdrawals during the day. Deposits reached $1.01 billion, resulting in a net loss of $3.6 billion.
However, the firm noted that withdrawal rates are now stabilizing. These withdrawals represent only 2% of the $171 billion the company manages. The exchange remains functional for many users.
After that, Binance restarted services for major coins like Bitcoin and Ethereum. They plan to restore other features in phases after security reviews. The company wants to ensure all systems are safe.
Still, experts warn that the stolen money is still moving. Alec Zebrick of Chainalysis says hackers are laundering the funds. The attackers move money across thousands of different digital addresses.
Then, the FBI asked industry partners to block these specific wallets. They hope to stop the hackers from moving more stolen assets. Binance also urged other crypto issuers to freeze affected accounts.
Finally, Binance investigators believe a compromised engineer's laptop started the breach. This allowed hackers to perform unauthorized transactions on the platform. The firm continues to work with officials to recover the stolen funds.