The Big $5.6B Cash Drain 🖤
Attackers drained $6.3 billion straight from Binance hot wallets on October 29 forcing a full withdrawal freeze. The FBI pointed fingers at North Korea’s TraderTraitor crew for the theft and Elliptic backed that up with their own blockchain analysis. North Korea straight up denied everything this Tuesday though. Withdrawals started reopening in stages on November 1 when Binance listed assets at $171 billion from their October 28 reserves. Net outflows slammed to $3.64 billion in the first nine and a half hours alone. By Monday assets sat at $157 billion factoring in the hack outflows and price swings with total net outflows since reopening hitting $5.6 billion or about 3.5% of everything. By 03:00 UTC we are seeing hourly deposits exceed withdrawals reflecting improving user activity and stabilizing flows Binance posted on X. They kicked off more withdrawal reopenings the same day in their sixth recovery phase after co-CEO Richard Teng announced 95% of affected tokens got topped back up at a Hong Kong event.VIP Perks Locked In Till December 🌙
Binance VIP and institutional crew launched a Level Protection Program running November 3 through December 2 covering VIP tiers 1 to 9 with auto enrollment for eligible users. Those folks keep their peak VIP level reached between October 21 and 30 no matter what trading they do later. A fresh community appreciation thing kicked off Monday running through Notes with rewards for users hitting $10,000 in cumulative volume and some yield products offering up to 10% annual rates.Just another echo from the void by iconofsin.eth 💖
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