Binance experienced a massive surge in user withdrawals, totaling $3.6 billion, following its reopening on Sunday after a substantial hack. The exchange had previously suspended withdrawals as a precautionary measure to address the incident.
Despite the security scare, which resulted in the loss of approximately $6.3 billion in total funds, users continued to deposit funds. In the hours following the reopening, Binance saw roughly $1 billion in deposits. While the net cash flow remained negative at -$5 billion as of November 3, withdrawal activity has since stabilized, with deposits beginning to exceed outflows.
The FBI has attributed the hack to the North Korean-linked hacking group "TraderTraitor." According to the FBI, the group converted the stolen cryptocurrency into Ether with the intention of laundering it. North Korea has denied these allegations, with an official from the government calling it a "sinister attempt" by the US to tarnish the country's reputation.