Crypto ‘scammers on overdrive’ as Binance customers pull billions from accounts after $6.3bn hack – business live
Summary
Binance reported a $6.3 billion theft and began reopening withdrawals after initially freezing them. By Sunday afternoon, customers had withdrawn $4.6 billion and deposited $1 billion, while the exchange’s founder warned that scammers were targeting users; the breach also coincided with withdrawals from U.S. Bitcoin funds and increased demand for downside protection in options markets.Key Facts
- Binance said it was hit by a $6.3 billion theft on Thursday, which the article describes as the biggest heist in history.
- Experts cited in the article identified North Korea as the probable culprit.
- Binance initially froze withdrawals and announced a phased reopening on Sunday.
- By Sunday afternoon, Binance had processed $4.6 billion in withdrawals and $1 billion in deposits, for a net outflow of about $3.6 billion.
- Binance founder Changpeng Zhao warned users about scammers and urged them to rely on official channels for information.
- U.S. spot Bitcoin exchange-traded funds saw $643 million in net outflows on Friday, according to Derive.xyz chief executive Nick Forster.
- Bitcoin put options made up 68% of Bitcoin options premiums traded in the 12 hours after the hack, compared with 43% over the previous five days.
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