Binance Reopens Withdrawals as FBI Pins $6B Hack on North Korea
Users pulled a net $3.64B in the first hours back, and Binance's new proof-of-reserves report says 10 major tokens are fully backed.
Binance reopened withdrawals in phases on Nov. 1, days after its record $6B+ hack, and users pulled a net ~$3.64B in the first nine hours, though the exchange says that represents only 2.1% of its $171B in assets.
What's the Scoop?
The Outflow: Binance processed $4.65B in withdrawals against $1.01B in deposits, and said volumes were "stabilising as expected." Only the first 15 networks and assets are back, with the next phase set for Tuesday.
The Reserves: Alongside the reopening, Binance published its new proof of reserves, a cryptographic check users can run to confirm their balances are backed at least 1:1, covering 10 tokens including BTC, ETH and USDT. It says it has covered about 95% of the stolen amount, with the rest in less liquid tokens.
The Hackers: The FBI named North Korea's TraderTraitor group on Oct. 31, listed 628 addresses tied to the theft and urged THORChain node operators, instant exchanges and DeFi services to block them. Chainalysis says the launderers moved $500M out of TRON wallets and have started shifting funds to Solana.
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
