The Binance story has taken another twist today, with North Korea itself stepping in to deny the allegations.
The FBI accused TraderTraitor—the group behind last year’s $1.5 billion Bybit hack—of stealing $6.3 billion. Kim Yo Jong hit back through KCNA, calling it “a ridiculous, timeworn talking point” and hinting that the real question is “who gets the most after the money is recovered”—stopping just short of saying Washington did it itself.
But the blockchain doesn’t lie. Elliptic estimates that $3.24 billion is still sitting in the attackers’ wallets, mostly in BTC and ETH. Some BTC had already gone into mixers by Monday. Chainalysis traced more than $500 million that first passed through TRON before being moved to Solana. The money is still moving, and the attackers haven’t stopped.
The market was blunt: BTC fell 1.8% that day to $76,729, while the Fear and Greed Index dropped from 37 to 26. More worth thinking about than the withdrawals: on its first day back, Binance saw net outflows of $3.64 billion—just over 2% of its assets under management. Binance covered 95% itself and said it would make everyone whole.
My take: in the short term, this is a sentiment-driven sell-off; in the long term, it’s a major test of the industry’s security. One reminder, though—where you keep your coins and how you store them may be more worth thinking about than price swings.
#Web3 #Binance #Bitcoin #CryptoSecurity
The FBI accused TraderTraitor—the group behind last year’s $1.5 billion Bybit hack—of stealing $6.3 billion. Kim Yo Jong hit back through KCNA, calling it “a ridiculous, timeworn talking point” and hinting that the real question is “who gets the most after the money is recovered”—stopping just short of saying Washington did it itself.
But the blockchain doesn’t lie. Elliptic estimates that $3.24 billion is still sitting in the attackers’ wallets, mostly in BTC and ETH. Some BTC had already gone into mixers by Monday. Chainalysis traced more than $500 million that first passed through TRON before being moved to Solana. The money is still moving, and the attackers haven’t stopped.
The market was blunt: BTC fell 1.8% that day to $76,729, while the Fear and Greed Index dropped from 37 to 26. More worth thinking about than the withdrawals: on its first day back, Binance saw net outflows of $3.64 billion—just over 2% of its assets under management. Binance covered 95% itself and said it would make everyone whole.
My take: in the short term, this is a sentiment-driven sell-off; in the long term, it’s a major test of the industry’s security. One reminder, though—where you keep your coins and how you store them may be more worth thinking about than price swings.
#Web3 #Binance #Bitcoin #CryptoSecurity