Net outflows from Binance exceeded $3.5 billion on Sunday — Cyprus Mail

Cryptocurrency exchange Binance, after resuming withdrawals of a number of assets, reported an initial surge in client withdrawal volumes. According to Cyprus Mail , net outflows from the platform exceeded $3.5 billion on Sunday, according to an estimate by analytics platform DefiLlama.

Binance said that after the initial increase, withdrawal volumes are declining and approaching normal levels of on-chain activity. A representative of the exchange also said that the withdrawn funds constituted a very small share of assets under management, while deposit volumes remain significant.

The company did not comment on DefiLlama’s data. Compensation for stolen assets The exchange said it had covered 95% of the assets stolen in a cyberattack worth about $6.3 billion. To do so, the company used its own funds to purchase replacement tokens.

According to its data, around $6 billion has been covered, while the remaining 5% consists of less liquid assets, the purchase of which may require more time. More current news is available on the UA.News Telegram channel Telegram . Binance said it had internally reserved around $6.34 billion to compensate for the losses.

The funds to buy replacement tokens came from the Secure Asset Fund for Users, partly from the futures insurance fund and the corporate treasury. One of Binance’s co-chief executives, Yi He, said that the company would use 50% of the SAFU fund and plans to restore its size to approximately $1 billion.

The FBI’s version of those responsible The FBI said that the attack was carried out by TraderTraitor, a unit linked to North Korean authorities. US law enforcement officials said they had observed the conversion of stolen assets into ether and expect further laundering of funds using related technologies.

According to Binance, together with industry partners, the company had managed to identify around $3 billion in affected assets as of Friday. Co-chief executive Richard Teng called the hack a sophisticated attack that involved a compromised laptop and malware designed to erase traces of activity.