▲ Binance
Cryptocurrency exchange Binance saw a net outflow of approximately 6.6 trillion won from its accounts after resuming deposits and withdrawals, which had been temporarily suspended following a hacking incident.
In a notice posted on X (formerly Twitter) on November 1 local time, Binance announced that it began resuming withdrawals in phases at 3:00 p.m. that day, Korea time.
According to data from the platform DefiLlama, users have withdrawn a net total of $4.9 billion (approx. 6.58 trillion won) since withdrawals resumed.
This accounts for 2.9 percent of its total assets under management (AUM) of $171 billion as of October 28.
On October 29, Binance suffered a loss of $6.3 billion (approx. 8.4 trillion won) in unauthorized cryptocurrency withdrawals.
According to Reuters, Binance stated, "We are covering the losses," and explained that it has already raised $6 billion (approx. 8 trillion won) from its own corporate funds, insurance funds, and security breach reserve funds.
This is equivalent to about 95 percent of the hacked amount ($6.3 billion).
Some in the industry analyze that because Binance took relatively swift action, the shock to the market was not as severe compared to the scale of the damage.
This incident marks the largest single hack in the history of the cryptocurrency industry, and U.S. investigative authorities and the security industry have pointed to North Korea as the culprit.
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