From 3h ago
Introduction:
Crypto 'scammers on overdrive' as Binance customers pull billions from accounts
after $6.3bn hack
Good
morning, and welcome to our rolling coverage of business, the financial
markets, and the world economy.
Crypto
scammers are now in “overdrive”, the founder of crypto exchange Binance has
warned, as customers pull billions in funds from the platform as it recovers
from a record hack.
The platform
was hit by a $6.3bn theft on Thursday, which has since been described as the
biggest heist in history. Experts identified North
Korea as the probable culprit.
Binance
initially froze withdrawals as it investigated the breach but on Sunday
announced it had begun
a phased reopening.
By Sunday
afternoon, the platform had processed $4.6bn in withdrawals and $1bn in
deposits, resulting in a net outflow of about $3.6bn – 2.1% of its $171bn in
total assets under management. (Those numbers were confirmed by the company in
its latest proof of reserves snapshot – a full report is expected today.)
Changpeng Zhao, the founder of the
platform and commonly known as CZ, has warned that scammers are now
targeting those that are trying to pull their money from the platform. He wrote
on X:
Scammers
on over drive now. Be careful.
His post was
in response to a post which
said:
Some of
you may have seen posts and screenshots circulating recently. Please be aware
that these screenshots are fake and the information in them is false. For
accurate and up-to-date information, always refer to our official channels and
announcements.
The hack has
spooked the market, with investors also pulling out funds from Bitcoin ETFs in
the US, according to Nick Forster, chief executive of Derive.xyz,
a crypto platform. He said:
US spot
Bitcoin ETFs recorded $643 million in net outflows on Friday, their first
trading session following the hack.
BlackRock’s IBIT saw $233.7 million in outflows, while Fidelity’s
FBTC lost $201 million, ARKB $129.5 million, GBTC $53.3 million and BITB $25.7
million. No fund recorded net inflows.
….We’re seeing a similar shift in options trading on Derive.xyz. In the first
12 hours following the hack, put options accounted for 68% of Bitcoin options
premiums traded, compared with 43% in the preceding five days.
Trading activity also remained elevated, with approximately $55 million in
daily Bitcoin options volume since the hack, compared with $34 million the day
prior.
Traders have been moving quickly to protect themselves against further losses,
with downside protection taking a much larger share of options activity.
He added
that the odds of Bitcoin hitting the $100,000 level by the end of the year were
now just 3.5%.
Last
Wednesday, Derive options were pricing a 6% probability of Bitcoin exceeding
$100K by Christmas. That has now fallen to just 3.5%, or roughly a one-in-30
chance.
…Before
the hack, our options market was pricing a 75% probability of Bitcoin finishing
above $80,000 at Friday’s expiry. Instead, Bitcoin settled at $77,786.
Binance
co-founder: 'Our top priority is to ensure the environment is secure'
Yi He,
co-founder of Binance, has said that its top priority is to “ensure the
environment is secure, after which users can withdraw their funds and Binance
can resume operations.”
She rejected
comparisons with collapsed rival FTX, writing on X:
Every
action has a motive. Look at some fraudulent exchanges that absconded, P2P
platforms, and commercial banks: their ledgers are opaque; once the website is
shut down, they simply abscond with the funds, the company is liquidated or
goes bankrupt, and all they need to do is give you an arbitrary excuse. As for
how much money was actually in the account and where it went, there is no way
to know.
These
kinds of closures happen without any warning—they just disappear. There is no
real operation, no one comes out to explain what happened, and it is even less
possible for withdrawals to be opened.
Scammers
target Binance customers with fake compensation claims
Scammers
appear to be targeting people affected by the Binance hack by offering them
fake compensation rewards.
There are
screenshots circulating online that promise $150 in free compensation for
withdrawal suspensions. Binance has confirmed that it is false
information and the screenshots are digitally altered.
It comes
after a warning from Binance founder CZ that scammers are in “overdrive”
following the $6.3bn hack last week.
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