Binance users withdraw $5bn in wake of hack

Binance users have withdrawn nearly $5 billion from the crypto exchange since it reopened after the hack last week that saw North Korea-linked crooks make off with $6.3 billion.

Having halted withdrawals in the immediate wake of the hack, Binance lifted the suspension on Sunday morning, prompting users to withdraw a net $4.72 billion, about 2.8% of assets on the platform.

“After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial,” says the company.

Meanwhile, the FBI has said the hack – which has been called the biggest heist in history – was orchestrated by North Korea.

In a statement, the bureau blames the “malicious cyber activity” on an entity known as TraderTraitor, which is also accused of carrying out a $1.5 billion hack on Bybit last year.

TraderTraitor actors have been observed converting stolen assets into ethereum, says the FBI, which expects those assets to be converted via decentralised finance and instant swap services.

Source: https://www.finextra.com/newsarticle/48683/binance-users-withdraw-5bn-in-wake-of-hack