Binance customers pulled $3.64 billion, or 2.1% of its assets, as the world’s biggest cryptocurrency exchange resumed service after a security breach linked to North Korea saw $6.3 billion stolen from the platform last week.
The exchange moved to reassure crypto investors and said withdrawals were stabilising after an initial spike and deposit volumes had remained “substantial”. It said it had now covered 95% of the assets stolen in the heist.
After hitting a six-week low on Friday, bitcoin prices recovered slightly through the weekend to trade above $78,000 on Monday. Ether hit a two-month low on Friday and also recovered a little to $2,287.
Binance, which allows users to buy, sell and trade digital assets, has 335 million registered users globally. It said on Sunday it had $171 billion in total assets under management as of October 28.
“(That) puts the withdrawals in the range of a precautionary reaction rather than any sort of capital flight,” said Ari Redbord, global head of policy at TRM Labs.
The Binance theft, which analysts say could be the biggest financial robbery ever, adds to a string of recent crypto thefts. Attackers stole $2.9 billion worth of cryptocurrency across nearly 150 incidents last year, according to researchers at TRM Labs.