Binance sees $3.64 billion in net outflows as withdrawals resume after massive hack
Binance recorded $3.64 billion in net outflows after resuming withdrawals following a $6.3 billion hack, representing 2.1% of its total assets.
TL;DR
- Binance recorded $3.64 billion in net outflows after reopening withdrawals post-hack.
- The net outflows represented 2.1% of Binance's total assets.
- Withdrawal volumes declined and stabilized after an initial spike.
- Deposit volumes remained substantial.
- Circle froze over $1.1 billion in USDC associated with the incident.
- Binance founder Changpeng Zhao reassured users, stating 98% chose to stay.
- The exchange will absorb the financial impact of the $6.3 billion hack.
- Binance has covered around 95% of the impacted amount.