The FBI confirmed that the North Korean hacker group TraderTraitor was responsible for the attack that compromised Binance’s hot wallets, causing estimated losses of US$6.3 billion.
But how is Binance responding?
The exchange says it is using its own resources and the SAFU fund to cover the losses. According to its latest update, approximately 95% of the affected assets have already been replenished.
In addition, the company reported that:
It strengthened security controls and revoked compromised authorizations.
Worked with blockchain analytics authorities and companies to track and freeze approximately US$3 billion.
Implemented additional checks in the affected infrastructure.
Published new proof of reserves, allowing verification of 1:1 backing for ten major cryptoassets.
In my view as a trader, this episode shows that security and risk management need to be just as important as liquidity and profitability.
**The question is: after an attack of this magnitude, do you still trust Binance to custody your investments?
I want to know what you think! 👇
LevandovskiDT
$BTC $ETH #Xrp🔥🔥 #BinanceWithdrawals
