Binance Sees Outflows as Withdrawals Resume After Record Exchange Heist

First reported 02 Nov, 07:02 UTCSource: NeowinLast editorial activity 02 Nov, 07:02 UTCWrite a comment ↓

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Crypto traders are moving funds off Binance as withdrawal services return online, a test of the platform's stability after what is described as the largest exchange heist on record. Neowin is the outlet reporting the development.

Withdrawals return amid heavy outflows

Withdrawal services at Binance have come back online, and traders are shifting funds off the exchange as they do so, according to a report by Neowin. The return of withdrawals is being read as an early test of how stable the platform is after the incident.

Scale of the heist and the company's background

The incident is characterised in the report as the largest exchange heist on record. Binance is a cryptocurrency exchange and financial services company based in the United Arab Emirates and founded in 2017.

Open questions

How much money was taken in the breach?
Will user outflows continue after withdrawals are fully restored?

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Sources & evidence

Neowin Reporting source
Binance faces billions in user withdrawals following massive security breach ↗
https://www.neowin.net/news/binance-faces-billions-in-user-withdrawals-following-massive-security-breach/