Binance users withdraw $3.6bn after largest-ever crypto hack

Major cryptocurrency exchange Binance experienced a massive wave of user withdrawals, totaling approximately $3.6 billion to $3.64 billion in net outflows, following what is believed to be the largest crypto hack in history. The security breach, which experts estimate involved a staggering loss of about $6.3 billion in digital assets, sent shockwaves through the global cryptocurrency markets and triggered immediate panic among retail and institutional investors.

As the exchange temporarily suspended and subsequently resumed operations, users rushed to move their funds to safer platforms, leading to unprecedented liquidity pressure. Despite the massive initial exodus, reports from Reuters and other financial outlets indicate that Binance’s outflows have begun to stabilize as the platform returned online and implemented additional security measures to reassure its user base. Industry observers and security agencies are closely monitoring the fallout from the incident.

Significantly, the U.S. Federal Bureau of Investigation (FBI) has publicly attributed the massive cryptocurrency heist to state-sponsored actors from North Korea. This attribution highlights the growing sophistication of cyber threats targeting decentralized financial infrastructure and raises urgent questions about regulatory oversight, cybersecurity standards, and the safety of digital assets stored on centralized exchanges worldwide.

Sources: BBC

Aggregated summary. Original: BBC