Binance net outflows surge to $5.8B as withdrawals resume after record hack
Summary
Cryptocurrency exchange Binance experienced massive net outflows totaling $5.8 billion as customer withdrawals restarted following a major security breach. Despite this surge in capital leaving the platform, company representatives noted that the pace of withdrawals has now decreased. Furthermore, the withdrawn funds represent only a small portion of the total customer assets held by the exchange.
The exchange says withdrawals surged after some services resumed but have since slowed, with the outflows representing a fraction of its roughly $171 billion in customer assets.
Source: Read the full story at Cointelegraph.com News
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