Binance stabilises withdrawals after $6.3 billion heist linked to North Korean hackers amidst ongoing crypto market recovery
Despite the breach, Binance reassured customers that withdrawals were stabilising and deposits remained significant.
Bitcoin prices rose slightly over the weekend to trade just above $78,000, while Ether recovered to $2,287 after hitting a two-month low.
Customer response
Binance has 335 million registered users globally and reported total assets of $171 billion as of October 28.
The recent theft adds to a growing list of cryptocurrency thefts, with attackers stealing $2.9 billion last year across near 150 incidents.
Withdrawal levels will test customer trust in Binance after the incident.
The exchange claimed to have covered 95% of the stolen assets.
Market capitalisations of stablecoins have fallen since the breach, with a decrease of about $1.2 billion noted.
Spot bitcoin ETFs saw outflows of $643 million, the largest daily drop in October.
Ari Redbord, a policy expert at TRM Labs, noted that hacks create an unstable risk profile for institutional investors.
Binance has covered $6 billion of the stolen cryptocurrencies by purchasing replacements.
The remaining 5% of stolen assets may take longer to recover.
Users are considering options for risk management, with some not withdrawing funds.
Binance authenticated a phased approach to withdrawals based on user demand.
The FBI linked the cyberattack to a North Korean state-sponsored unit called TraderTraitor.
North Korea has historically denied any involvement in cybercrimes.
Law enforcement reported that stolen assets are being converted into ether.
