🔶 The largest hack in history, unfolding within Binance’s 24 hours:
Tether, Circle, Arbitrum, Ripple, Paxos… one after another stepped in, freezing about $3 billion—47.6% of the total.
Coinbase, OKX, and Bybit—some of whom may be rivals on a normal day—are standing together tonight.
So far, funds linked to the incident have been frozen, amounting to 47.6% of the officially estimated $6.3 billion in affected assets.
With the SAFU Fund and company funds, Binance can cover all the losses without even touching its $SPCXB shares.
The hack targeted one exchange, but the credibility of the entire industry is being put to the test.
Perhaps standing by one another in difficult times is the industry’s most solid foundation.
Mixers have throughput limits, so more assets may still be recovered. I hope Binance can minimize the losses 🙏
Tether, Circle, Arbitrum, Ripple, Paxos… one after another stepped in, freezing about $3 billion—47.6% of the total.
Coinbase, OKX, and Bybit—some of whom may be rivals on a normal day—are standing together tonight.
So far, funds linked to the incident have been frozen, amounting to 47.6% of the officially estimated $6.3 billion in affected assets.
With the SAFU Fund and company funds, Binance can cover all the losses without even touching its $SPCXB shares.
The hack targeted one exchange, but the credibility of the entire industry is being put to the test.
Perhaps standing by one another in difficult times is the industry’s most solid foundation.
Mixers have throughput limits, so more assets may still be recovered. I hope Binance can minimize the losses 🙏
