Binance, one of the world’s largest cryptocurrency exchanges, has resumed withdrawals following a $6.3 billion cyberattack. A Net Outflow of $3.6 Billion Occurred! Binance announced that in t
Binance, one of the world’s largest cryptocurrency exchanges, has resumed withdrawals following a $6.3 billion cyberattack.
Binance announced that in the first 9 hours after withdrawals resumed, it processed approximately $4.6 billion in withdrawals and $1 billion in deposits. This indicates a net capital outflow of approximately $3.64 billion from the exchange.
The exchange also stated that 95% of the losses incurred due to the attack were covered by its own resources. At this point, it was reported that large cryptocurrency balances such as Bitcoin, Ethereum, and BNB were fully restored, while the remaining 5% consisted of less liquid tokens.
Binance added that it will continue to make direct purchases from markets and utilize OTC trading channels to fill the missing cryptocurrencies.
Furthermore, according to the latest reserve data as of October 28, it was stated that this corresponds to approximately 2.1% of their total assets of $171 billion.
Binance also stated that withdrawal volumes, which peaked in the initial hours, have decreased over time, “stabilizing as expected. Deposit volumes, however, have remained at a significant level.”
Binance recently announced that it has expanded its fiat currency withdrawal options, now supporting withdrawals in 28 different currencies.
With the new announcement, users will be able to withdraw funds in numerous currencies, including US Dollars (USD), Euros (EUR), Japanese Yen (JPY), Swiss Francs (CHF), UAE Dirhams (AED), Brazilian Reals (BRL), and Mexican Pesos (MXN).
Binance supports 28 fiat currencies, including USD, AED, VND, PHP, and IDR: “USD, AED, VND, PHP, IDR, JPY, VES, BRL, MXN, ARS, BHD, KZT, EUR, CHF, CZK, HUF, KWD, PLN, RON, SEK, CDF, KES, SLE, UGX, XAF, XOF, ZMW, and KGS.”
This step is expected to make it easier for Binance users to convert their cryptocurrency assets into local currencies and transfer them outside the platform, expanding the exchange’s global fiat currency reach.
*This is not investment advice.
Continue Reading: What’s the Current Situation After the $6.3 Billion Attack on Binance? How Much Bitcoin and Altcoin Did Users Withdraw? Here Are the Details
