Binance says customers pulled net $4.7 billion after hack as crypto world weighs risk

Binance customers withdrew a net $4.72 billion after the exchange reopened on Sunday, following a hack in which $6.3 billion in cryptocurrency was stolen, Business Recorder reported. The platform had halted withdrawals for roughly 48 hours, and Binance said the outflow represented about 2.8% of its assets.

Binance said it was using company resources to cover the loss and had raised $6 billion from its treasury, insurance fund and security reserves. Withdrawals have restarted for some assets and networks, but remained partly restricted for many cryptocurrencies, while the exchange reported $2.7 billion in customer inflows.

The FBI attributed the attack to the North Korean group TraderTraitor. Bitcoin and ether prices recovered over the weekend, but spot bitcoin ETFs saw $643 million in outflows on Friday, and analysts said the breach could make large investors more cautious about crypto exposure.