The FBI just put a name on the biggest heist crypto has ever seen — and honestly, that matters more than the price bounce today.
Per the FBI statement reported Saturday, the North Korea-linked group TraderTraitor stole over $6 billion from Binance around Oct 29, the same crew blamed for last year's $1.5B Bybit theft. Binance says it has set aside over $6.34B in company funds and covered roughly 95% of losses, with phased withdrawals restarting Nov 1, and a full proof-of-reserves report due today.
Here's my take: the attribution doesn't get anyone's money back, but it changes the story from "exchange messed up" to "state-level attackers hit the biggest target in crypto" — and that is exactly why self-custody stops being optional advice for anyone holding serious size on any exchange. $BTC is holding near $78,100 this morning, up modestly, which tells me the market is treating this as contained for now. But I am watching that proof-of-reserves report today like a hawk — a clean, detailed report steadies nerves, anything vague reopens the whole argument.
Are you moving anything off exchanges after this, or does Binance covering 95% make you trust them more?
Per the FBI statement reported Saturday, the North Korea-linked group TraderTraitor stole over $6 billion from Binance around Oct 29, the same crew blamed for last year's $1.5B Bybit theft. Binance says it has set aside over $6.34B in company funds and covered roughly 95% of losses, with phased withdrawals restarting Nov 1, and a full proof-of-reserves report due today.
Here's my take: the attribution doesn't get anyone's money back, but it changes the story from "exchange messed up" to "state-level attackers hit the biggest target in crypto" — and that is exactly why self-custody stops being optional advice for anyone holding serious size on any exchange. $BTC is holding near $78,100 this morning, up modestly, which tells me the market is treating this as contained for now. But I am watching that proof-of-reserves report today like a hawk — a clean, detailed report steadies nerves, anything vague reopens the whole argument.
Are you moving anything off exchanges after this, or does Binance covering 95% make you trust them more?
