Binance customers pull billions after the record hack as North Korea denies a role

Net withdrawals since Sunday

4.72 billion US dollars

Customers have withdrawn a net US$4.72 billion since withdrawals reopened Sunday, a Binance spokesperson said. That is about 2.8 per cent of the assets on the platform.

Binance says withdrawals have declined and are stabilizing after an initial spike, with US$2.7 billion flowing back in. It restored U.S. dollar cash withdrawals on Monday.

North Korea denies carrying out the hack. Kim Yo-jong, the sister of leader Kim Jong Un, called the accusations "absurd rhetoric", while the FBI blames the state-backed group TraderTraitor.

About half of the stolen funds were held in stablecoins and have been frozen by their issuers. Circle says it has frozen more than US$1.1 billion in USDC.