What the Binance Hack Fallout Means for Your Crypto
The hack and subsequent withdrawals have shaken confidence in Binance, but the return of deposits suggests some users are willing to stay. The exchange faces a long road to recovery, and the incident…
The hack and subsequent withdrawals have shaken confidence in Binance, but the return of deposits suggests some users are willing to stay. The exchange faces a long road to recovery, and the incident…
Key points - Binance lost $6.3 billion in a hack, with $3 billion frozen in transit and the rest covered by the company. - After reopening on November 1, users withdrew $4.649 billion in under 10 hours. - Deposits of roughly $1 billion were made during the same period, and by November 3, hourly deposits exceeded withdrawals. - The FBI blames North Korean group TraderTraitor for the hack, which North Korea denies. - The total cashflow remained net negative at -$5 billion by November 3.
Timeline - Before November 1: Binance suffers a $6.3 billion hack; withdrawals are temporarily suspended. - November 1: Binance reopens; users withdraw $4.649 billion in under 10 hours, while about $1 billion is deposited. - November 3: Binance reports hourly deposits exceed withdrawals; total cashflow still -$5 billion.
FAQ
Q: How much did Binance lose in the hack? A: Binance lost $6.3 billion, but about $3 billion was frozen in transit and the rest was covered by the company.
Q: Who is responsible for the Binance hack? A: The FBI blames North Korean hacking group TraderTraitor, but North Korea denies involvement.
Q: Can I still withdraw funds from Binance? A: Yes, Binance has reopened and withdrawals are processing, though users may face slowdowns as systems recover.
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