Binance has recorded $4.7 billion in net outflows following a major cyberattack on the cryptocurrency exchange, as customers move funds off the platform after withdrawals were restored.
The withdrawals, which account for about three per cent of Binance’s total assets, reflect the immediate financial impact of the security breach on the world’s largest cryptocurrency exchange by trading volume.
Brandspur Banking News Desk reports that the exchange reopened customer withdrawals on Sunday after temporarily restricting access following the attack. The net outflow figure, which accounts for both deposits and withdrawals, had reached $4.7 billion by Monday, November 2.
See Also: FBI Names North Korean Hackers Behind Record $6.3bn Binance Crypto Heist
The incident involved the theft of approximately $6.3 billion in cryptocurrency, making it one of the largest cyber thefts in the history of the digital asset industry. The FBI has attributed the attack to TraderTraitor, a hacking group linked to North Korea.
Binance’s withdrawal figures have continued to change since customers regained access to their funds. However, the scale of the movement has so far remained relatively limited compared with the assets held on the platform.
The exchange’s spokesperson said the net withdrawals represented roughly three per cent of its total assets under management, suggesting that the bulk of customer funds remained on the platform despite the security incident.
The attack has placed renewed attention on the security of cryptocurrency exchanges, particularly their ability to protect customer assets and maintain access to funds during emergencies.
For Nigerian cryptocurrency users, who rely on digital asset platforms for trading, cross-border transfers and holding foreign currency-linked assets, the incident highlights the risks associated with keeping funds on centralised exchanges.
Binance has yet to escape the financial and reputational consequences of the breach, even as it works to restore normal operations and reassure customers that their assets remain secure.
