Binance says it saw $3.6 billion in net outflows after reopening
Binance customers took out about $3.6 billion more than they put in after the exchange reopened withdrawals on Sunday, Binance said, according to CNBC and the BBC. The exchange now says it has covered about 95% of the assets taken in last week's hack. It says users will not bear the loss.
Binance said it saw net outflows of about $3.64 billion after it reopened withdrawals on Sunday, CNBC and the BBC report. The withdrawals followed a $6.3 billion hack last week that the FBI has blamed on North Korea, CNBC and the BBC report. Binance had stopped all transactions after the attack, the BBC says.
In a post on X, Binance said it processed about $4.65 billion in withdrawals and $1.01 billion in deposits in the first 9.5 hours after reopening, CNBC and the BBC report. The net outflow was just over 2% of the $171 billion in assets it manages, Binance said, according to the BBC. Binance said withdrawals spiked at first and are now stabilizing, CNBC and the BBC report.
Binance said it has covered around 95% of the stolen assets, CNBC and the BBC report. That is up from 90% in its last update, CNBC says. The rest is in less liquid tokens that will take longer to source in the amounts needed, Binance said, according to CNBC.
Binance said it replaced customers' assets using a mix of sources, including its corporate treasury and its futures insurance and emergency reserve funds, the BBC reports.
Circle, the company behind the USDC stablecoin, has frozen more than $1.1 billion in USDC linked to the hack, a Circle spokesperson said in an email to CNBC. Circle CEO Jeremy Allaire had put the figure at more than $800 million on Friday, CNBC reports.
The stolen funds are still being laundered, Alec Zebrick, senior manager in global services at Chainalysis, said on the BBC's Today Programme. "We continue to see funds being laundered quite actively," he said.
Binance began restoring withdrawals in phases on Sunday, CNBC reports. All 15 networks and assets in the first phase are running again, and testing goes on for the rest, CNBC says.
What we know: Binance says withdrawals are back for its first group of networks, and it has covered about 95% of the stolen assets.
What we don't: When the other networks will reopen, and whether any stolen funds will be won back from the hackers.
Where outlets agree CNBC and the BBC agree that Binance reported net outflows of about $3.64 billion after reopening withdrawals, and that it says it has covered around 95% of the stolen assets.
Where they differ The cited reports agree on the key facts so far.