BINANCE has been hacked!
Should you be worried?
Here’s my humble opinion as someone who has spent years in this market.
First, stop comparing every security incident at a trading platform to the FTX case.
A security breach doesn’t mean insolvency.
An exploit, a liquidity crisis, and a balance-sheet collapse are completely different things.
Let’s clarify what matters.
Q: What actually happened?
$6.6 billion was stolen.
Q: Who was behind the attack?
Hackers from North Korea.
They prepared for the attack over 36 hours and carried it out in 20 minutes.
Q: What will happen to the stolen funds?
Of the reported $6.3 billion breach, around $3 billion has already been frozen. Binance also has about $1.2 billion in its SAFU fund to help cover losses.
The Binance team and others in the industry are working to recover as much of the funds as possible, as quickly as possible.
Q: Why might deposits or withdrawals be suspended?
For our safety, deposits are already available. It was the withdrawal section that was breached, and it will reopen soon.
Q: Should Binance users panic?
Absolutely not. Buy $BNB on the dip, and relax while they panic.
Should you be worried?
Here’s my humble opinion as someone who has spent years in this market.
First, stop comparing every security incident at a trading platform to the FTX case.
A security breach doesn’t mean insolvency.
An exploit, a liquidity crisis, and a balance-sheet collapse are completely different things.
Let’s clarify what matters.
Q: What actually happened?
$6.6 billion was stolen.
Q: Who was behind the attack?
Hackers from North Korea.
They prepared for the attack over 36 hours and carried it out in 20 minutes.
Q: What will happen to the stolen funds?
Of the reported $6.3 billion breach, around $3 billion has already been frozen. Binance also has about $1.2 billion in its SAFU fund to help cover losses.
The Binance team and others in the industry are working to recover as much of the funds as possible, as quickly as possible.
Q: Why might deposits or withdrawals be suspended?
For our safety, deposits are already available. It was the withdrawal section that was breached, and it will reopen soon.
Q: Should Binance users panic?
Absolutely not. Buy $BNB on the dip, and relax while they panic.
