Most Binance (CRYPTO: BNB) users stayed put after the exchange reopened withdrawals following the hack, founder and former CEO Changpeng “CZ” Zhao said on Sunday.
CZ Sees Hope
Binance began a phased restart of withdrawals on Sunday after temporarily suspending them to limit the damage from a major theft that resulted in $6.3 billion in cryptocurrency losses.
CZ highlighted that Binance recorded roughly $3.64 billion in net outflows in the 12 hours after resumption.
Withdrawals are outpacing deposits, but after an initial spike, withdrawal volumes have declined and are stabilising, the exchange said.
“98% choose to stay,” CZ noted. “Trust isn’t earned by what you say in good times. It’s earned by what you do in hard times.”
Binance saw roughly $6.148 billion in net inflows over the past 24 hours, according to DeFiLlama. Exchange assets have fallen from $144.90 billion before the hack to $128.87 billion.
Binance said it has covered $6 billion, roughly 95% of the stolen funds, using its Secure Asset Fund for Users, futures insurance fund and corporate treasury.
US Agencies Start Investigation
President Donald Trump said Friday his administration is investigating the the massive hack, the largest such theft in cryptocurrency history.
U.S. Secret Service said it’s collaborating with the FBI, IRS Criminal Investigation, DOJ components and U.S. Attorney offices to trace funds across blockchains and pursue recovery.
FBI investigators traced the hack back to North Korea’s notorious cybercriminals, the same group behind many such attacks on the cryptocurrency industry.
Price Action: As of this writing, BTC is up 1.10% in the last 24 hours to $78,450, according to Benzinga Pro.
Photo Courtesy: Mamun_Sheikh on Shutterstock.com
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