Binance Users Withdraw $3.6bn After Record Crypto Hack

Binance customers have withdrawn $3.6 billion from the exchange in the wake of the largest cryptocurrency hack on record, according to the BBC. The withdrawals mark a large-scale movement of funds off the platform following the attack, which the report describes as the biggest hack ever seen in the crypto sector.

The scale of the outflows places fresh scrutiny on security practices at major cryptocurrency exchanges, which hold customer assets and have repeatedly been targeted by attackers. Binance, one of the industry's largest trading venues, is at the centre of the episode as users move funds off the platform.

The report does not specify the amount stolen in the hack, the assets involved, or the mechanism by which the attack was carried out. It also does not identify the perpetrators or state whether any funds have been recovered. The $3.6 billion figure refers to customer withdrawals from Binance, not to the value of the hack itself.

The episode follows a history of high-profile breaches at crypto trading platforms, and the latest incident has renewed questions about how exchanges safeguard customer holdings. Further details on the attack and the exchange's response were not provided in the report.