On the second day after the Binance incident, the story shifted from “something’s gone wrong” to “how will people be compensated?”
What the data confirms is that the official figures have been updated: total losses are estimated at about $6.3 billion, of which around $3 billion has been frozen on-chain. Binance has set aside more than $6.34 billion in company funds for compensation, including $5 billion in tokens of the same type as those stolen—enough to cover about 80% of the losses. The initial investigation has also identified how the attackers got in: it wasn’t a stolen wallet private key, but a systems engineer’s laptop that was compromised, allowing the attackers to submit unauthorized withdrawal transactions. TRM Labs attributed the attack to a North Korean hacking group with high confidence, and Reuters has reported this too, though Binance itself has not publicly named the group.
Here’s a plain-English explanation: Binance says it will publish “Proof of Reserves” before withdrawals resume. Think of it like a bank’s audit report: a third party checks the books and confirms that all the coins customers deposited are there and that the figures add up. Withdrawals will resume only once everything checks out. Withdrawals are still suspended for now. The goal is to start bringing them back in stages by asset from Sunday afternoon Beijing time. Binance has contacted U.S. law enforcement to cooperate with the investigation.
The market didn’t fall further today. BTC is around $77,160, down about 1.4% over 24 hours, and holding steady; ETH is around $2,240, basically flat; BNB has rebounded to around $704. The Fear Index is at 29, still in fear territory.
My take is that the money has been put on the table, but the real test comes Sunday: will withdrawals resume in stages as promised, and will the Proof of Reserves pass muster? I’m still not sure about that part, so I’ll keep watching.
Which would you like to see first? A) Whether withdrawals resume smoothly on Sunday; B) Whether more of the frozen $3 billion can be recovered; C) Whether BTC can hold above $77,000; D) Whether this is just a breather after the plunge?
#BTC #加密市场 $BNB
What the data confirms is that the official figures have been updated: total losses are estimated at about $6.3 billion, of which around $3 billion has been frozen on-chain. Binance has set aside more than $6.34 billion in company funds for compensation, including $5 billion in tokens of the same type as those stolen—enough to cover about 80% of the losses. The initial investigation has also identified how the attackers got in: it wasn’t a stolen wallet private key, but a systems engineer’s laptop that was compromised, allowing the attackers to submit unauthorized withdrawal transactions. TRM Labs attributed the attack to a North Korean hacking group with high confidence, and Reuters has reported this too, though Binance itself has not publicly named the group.
Here’s a plain-English explanation: Binance says it will publish “Proof of Reserves” before withdrawals resume. Think of it like a bank’s audit report: a third party checks the books and confirms that all the coins customers deposited are there and that the figures add up. Withdrawals will resume only once everything checks out. Withdrawals are still suspended for now. The goal is to start bringing them back in stages by asset from Sunday afternoon Beijing time. Binance has contacted U.S. law enforcement to cooperate with the investigation.
The market didn’t fall further today. BTC is around $77,160, down about 1.4% over 24 hours, and holding steady; ETH is around $2,240, basically flat; BNB has rebounded to around $704. The Fear Index is at 29, still in fear territory.
My take is that the money has been put on the table, but the real test comes Sunday: will withdrawals resume in stages as promised, and will the Proof of Reserves pass muster? I’m still not sure about that part, so I’ll keep watching.
Which would you like to see first? A) Whether withdrawals resume smoothly on Sunday; B) Whether more of the frozen $3 billion can be recovered; C) Whether BTC can hold above $77,000; D) Whether this is just a breather after the plunge?
#BTC #加密市场 $BNB
