Binance Begins Phased Reopening of Withdrawals After $6.3 Billion Hack
Binance Begins Phased Reopening of Withdrawals After $6.3 Billion Hack
🚨 Background
💡 Binance had temporarily halted user withdrawals after roughly $6.3 billion in digital assets was stolen.
🔥 On Saturday, the FBI attributed the attack to the North Korea-linked hacking group TraderTraitor.
Focus
🧐 Binance announced it has replaced about 95% of the stolen assets using the company's own resources.
💡 The first phase of reopening withdrawals is scheduled for Sunday, November 1, between 06:00 and 09:00 UTC.
🔥 This phase covers Bitcoin, Ethereum, BNB, Solana, XRP, Dogecoin, and the stablecoins USDT and USDC.
Implications
💡 Binance says it is absorbing the loss itself, and deposits remained open throughout this period.
🧐 Other networks and tokens will be reopened gradually once security reviews are complete.
Conclusion
🧐 This record theft is roughly four times the size of the $1.5 billion Bybit hack, and the pace of reopening withdrawals will be important for market confidence
📊 #Binance #Security #Crypto #Bitcoin
🚨 Background
💡 Binance had temporarily halted user withdrawals after roughly $6.3 billion in digital assets was stolen.
🔥 On Saturday, the FBI attributed the attack to the North Korea-linked hacking group TraderTraitor.
Focus
🧐 Binance announced it has replaced about 95% of the stolen assets using the company's own resources.
💡 The first phase of reopening withdrawals is scheduled for Sunday, November 1, between 06:00 and 09:00 UTC.
🔥 This phase covers Bitcoin, Ethereum, BNB, Solana, XRP, Dogecoin, and the stablecoins USDT and USDC.
Implications
💡 Binance says it is absorbing the loss itself, and deposits remained open throughout this period.
🧐 Other networks and tokens will be reopened gradually once security reviews are complete.
Conclusion
🧐 This record theft is roughly four times the size of the $1.5 billion Bybit hack, and the pace of reopening withdrawals will be important for market confidence
📊 #Binance #Security #Crypto #Bitcoin
Persian original · View this post on Telegram ↗ · Open in the archive · 💬 Discuss in the Coin_Kurd Telegram group · Educational, not financial advice.