Binance has resumed withdrawals after the $6.3 billion hack, but what happened next was a nightmare! More than $6 billion in crypto was withdrawn from the exchange in just 24 hours.
After a 45-hour trading halt following the shocking attack, a total of $3.64 billion in net outflows occurred in just the first 9.5 hours. FUD sent funds fleeing, putting considerable pressure on liquidity.
That amount is equivalent to 3.6% of the exchange’s total assets beforehand—a figure that’s far from insignificant. Has users’ trust really been shaken?
However, don’t forget that Binance also announced it would reimburse 95% of the funds stolen in the hack and said withdrawals had begun to stabilize. Around $129 billion remains in wallets linked to Binance.
This is a major test of confidence for the giant. Can Binance get through this and strengthen the community’s trust? Or is this just the beginning of even greater pressure?
#Binance #Crypto
After a 45-hour trading halt following the shocking attack, a total of $3.64 billion in net outflows occurred in just the first 9.5 hours. FUD sent funds fleeing, putting considerable pressure on liquidity.
That amount is equivalent to 3.6% of the exchange’s total assets beforehand—a figure that’s far from insignificant. Has users’ trust really been shaken?
However, don’t forget that Binance also announced it would reimburse 95% of the funds stolen in the hack and said withdrawals had begun to stabilize. Around $129 billion remains in wallets linked to Binance.
This is a major test of confidence for the giant. Can Binance get through this and strengthen the community’s trust? Or is this just the beginning of even greater pressure?
#Binance #Crypto