Binance Withdrawals Surge After Hack

What happened

Updated 11:01am ET

Binance customers withdrew about $4.65 billion after the exchange resumed withdrawals following the hack. Binance had suspended withdrawals after attackers moved about $6.3 billion in digital assets from its wallets, the largest crypto theft reported to date. The company began restoring withdrawals in phases Sunday after security checks. Binance and its partners froze about $3 billion, while investigators said the attackers kept laundering funds across many addresses. The FBI attributed the hack to North Korean-linked TraderTraitor, while Binance said it was working with law enforcement to confirm responsibility. Binance said it would absorb customer losses and had replaced about 95% of affected assets. Binance said withdrawals had eased as it continued restoring remaining networks and assets in phases.

How the left told it

Only one left-leaning outlet we track covered this: Boston Globe, under the headline “Blockchain intelligence firms link North Korea to $6.3b hack on Binance - The Boston Globe”.

How the right told it

Right-leaning outlets framed the breach as an extraordinary North Korea-linked cyberheist, while stressing early signs of stabilization. The New York Post cited experts calling it the “largest bank heist” and a Binance spokesperson saying withdrawals were stabilizing, while noting the company used its own funds to cover nearly all losses.