The Binance hack: where does the story stand? A simple overview 🧩
On October 29, Binance suffered a hack estimated at around $6.3 billion, making it the largest recorded crypto theft. TRM Labs attributed it to the North Korean group TraderTraitor.
What Binance said:
- It allocated more than $6.34 billion in company funds to cover the losses
- Around $5 billion of that was held in the same currencies that were stolen
- Some of the stolen funds were frozen with blockchain partners (figures mentioned range between $2.5 and $3 billion)
- It published its proof of reserves ahead of schedule
But keep in mind: organizations like CertiK said they need more information to verify the $5 billion figure. So the picture is still incomplete.
All of this put pressure on $BNB , which is trading near $695.
What reassures you more: proof of reserves, or moving your money to your own wallet?
#BinanceSquare #Binance #CryptoNews
On October 29, Binance suffered a hack estimated at around $6.3 billion, making it the largest recorded crypto theft. TRM Labs attributed it to the North Korean group TraderTraitor.
What Binance said:
- It allocated more than $6.34 billion in company funds to cover the losses
- Around $5 billion of that was held in the same currencies that were stolen
- Some of the stolen funds were frozen with blockchain partners (figures mentioned range between $2.5 and $3 billion)
- It published its proof of reserves ahead of schedule
But keep in mind: organizations like CertiK said they need more information to verify the $5 billion figure. So the picture is still incomplete.
All of this put pressure on $BNB , which is trading near $695.
What reassures you more: proof of reserves, or moving your money to your own wallet?
#BinanceSquare #Binance #CryptoNews
