Binance is in the news again, and this time for the biggest hack in crypto history.
On Oct 29, hackers stole around $6.3 billion from Binance. According to Binance, the attack started with fake job interviews and compromised software on employee devices, which later gave attackers access to internal wallet-signing operations. 468e
But here is the good news for users:
1. 98% Assets Already Replenished
Binance says it has already replenished about 98% of the stolen assets by Nov 4, and customers will not bear the losses. The remaining 2% will take longer because those tokens have low liquidity. 8d70
2. Withdrawals Are Coming Back
Binance is reopening withdrawals in stages. It is targeting Nov 13 to reopen withdrawals for 6 altcoins: HYPE, INJ, APT, PLASMA, NEAR, and LTC. Networks like BNB Smart Chain, Ethereum, Polygon, Arbitrum and Optimism are already back in service. 8d70
3. Europe Users Must Withdraw
In a separate news, Binance users in France, Spain, Italy and Poland are getting emails to withdraw their crypto. Accounts will close on Dec 31, 2026 because Binance still has no MiCA license to serve EU customers. From Nov 29, a monthly fee of 0.025% or 10 USDC will apply on leftover balances. bed7
4. CFO Is Leaving
Binance CFO Kaiser Ng is also leaving after 5+ years to pursue a new venture. He will be replaced by Justin Yek. 3811
My Take:
This hack was scary, but Binance covered the loss from company funds and proved its reserves for 44 tokens. That is why outflows are now stabilizing. Crypto is risky, but transparency matters.
Are you still trusting Binance or moving your funds to cold wallet? Tell me in comment
