Binance resumes withdrawals after $6.3 billion hack, 2.1% net outflow
Business
Binance, the world's biggest crypto exchange, is letting users withdraw funds again after a huge $6.3 billion hack on October 29.
The breach caused a rush of withdrawals, $4.7 billion out and $1.01 billion in, leaving Binance with a net outflow of about 2.1% of its total assets between 0600 GMT and 1530 GMT.
Binance covered user losses, rebuilding trust
After the initial frenzy, things have calmed down. co-founder and former CEO Changpeng Zhao thanked users for sticking with them, admitting that the first few hours were chaotic and since then, things have stabilized.
The hack was linked to a North Korean cyber group known as TraderTraitor.
Binance covered user losses from its own funds and is now focused on rebuilding trust.