Binance customers pulled billions out of the exchange on Sunday, the day it reopened withdrawals after the biggest crypto heist in history.
Binance customers pulled billions out of the exchange on Sunday, the day it reopened withdrawals after the biggest crypto heist in history.
Binance said net outflows reached 3.64 billion dollars in the first nine and a half hours, about 2.1% of its assets, as roughly 4.65 billion dollars went out and 1.1 billion came back in. Analytics firms tracking gross flows put the total withdrawn even higher, above 4 billion dollars.
Withdrawals had been frozen since October 29, when hackers linked by the FBI to North Korea's TraderTraitor group drained about 6.3 billion dollars from Binance's hot wallets. The exchange says it has since replaced around 95% of the stolen assets from its own funds and will publish an updated proof of reserves.
The rush for the exits is the first real test of trust since the hack. Binance says flows are stabilizing, but whether customers keep their money on the exchange in the coming days will decide if this was a one-day scare or a lasting loss of confidence.
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