Binance has seen a massive wave of withdrawals totaling $4.7 billion following a record-breaking cyberattack attributed to North Korea. The outflows began late last week and continued into Monday morning in London, according to a Binance spokesperson. Despite the significant sum, the withdrawals represent less than 4% of the $128 billion in assets currently held on the platform, which remains the world’s largest crypto exchange.
The cyber theft marks the largest in history, prompting traders to pull their funds from Binance. The outflows highlight concerns over security and trust in major crypto exchanges, even as Binance maintains its dominant position in the market.
While the outflows are substantial, they do not yet indicate a broader exodus from the platform. The exchange’s vast asset base suggests it can absorb the losses without immediate financial strain. However, the incident may prompt further scrutiny of Binance’s security measures and its ability to protect user funds.