Hacking News
Binance Hack Triggers BTC Outflows
After the $6.34 billion Binance hack, net outflows from the exchange's wallets reached about 28,316 BTC. Santiment tracked these flows through Nov. 5. Bitcoin balances across tracked exchanges fell 2.92% from Oct. 25 to Nov. 5. The 38,631 BTC decline began four days before the breach. Binance began reopening withdrawals on Nov. 1. Bitcoin futures open interest on the exchange fell after the Binance hack, with Bitcoin futures at $8.97 billion and Ethereum futures at $8.03 billion by Nov. 5. Net USDT outflows on Ethereum hit 3.94 billion tokens across tracked exchanges on Nov. 2, compared to 1.71 billion on Oct. 29. Binance replaced about 98% of affected assets using its own funds and kept buying the remaining tokens. The exchange asked Arbitrum’s DAO to release funds frozen after the Binance hack, covering 8,425.997 ETH and 74.56 million ARB. Binance estimated the process could take seven weeks or longer.