Binance outflows hit $4.7 billion after record North Korea hack

What happened: Binance suffered the largest cyber theft in history, and net withdrawals from the platform reached $4.7 billion by Monday morning in London, according to a Binance spokesperson. Binance restored customer withdrawals on Sunday after freezing them. Key numbers: $4.7 billion in net withdrawals, less than 4% of $128 billion in assets held. Why it matters: The FBI attributed the exploit to North Korean hackers. Binance vowed to cover the losses in full and worked with industry partners, including stablecoin issuers, to freeze funds. Coverage: 15+ outlets in 24h

Binance suffered the largest cyber theft in history, and net withdrawals from the platform reached $4.7 billion by Monday morning in London, according to a Binance spokesperson. Binance restored customer withdrawals on Sunday after freezing them.

The FBI attributed the exploit to North Korean hackers. Binance vowed to cover the losses in full and worked with industry partners, including stablecoin issuers, to freeze funds.