Binance customers withdraw over $4.2 billion after cyberattack on its platform

Binance faced a significant cyberattack, leading to withdrawals of approximately $4.7 billion by users. The incident, which occurred last Thursday, resulted in a security breach impacting around $6.3 billion. Despite the withdrawals, which represent less than 3% of the platform's total assets, Binance has managed to recover about 95% of the stolen funds by collaborating with industry partners. The company reassured users that it would cover all losses and noted that deposits have been steadily increasing since normal operations resumed. Additionally, some withdrawals were internal transfers between Binance wallets, contributing to the high withdrawal volume.