Binance customers withdraw billions after exchange reopens following record hack

Binance customers withdrew more than 3.6 billion dollars of assets from the platform as it reopened on Sunday following a record hack. The BBC News reported that the exchange froze transactions in the wake of the incident, which impacted 6.3 billion dollars worth of digital assets. The cyber attack is considered to be the largest hack in history. [1]

The company stated that it has covered around 95 percent of the assets stolen in the breach, according to the BBC News. However, Binance noted that sourcing the remaining amount may take longer. As FTMQ News reported earlier, Binance previously used company funds to replenish 90 percent of the stolen assets, while major organisations including the US Federal Bureau of Investigation have accused North Korea of being behind the heist. [1][5]

Binance Holdings Ltd. is the largest cryptocurrency exchange in terms of daily trading volume. It was founded in 2017 by Changpeng Zhao, a Canadian developer of Chinese descent with experience in high-frequency trading software. The platform officially launched on July 14, 2017, after completing an initial coin offering for its native BNB token that raised 15 million dollars. [2][3]

The company was initially based in China before moving to Japan and later to Malta. Binance currently has no official company headquarters. [2]