Binance Announce 80% of $6.3 Billion Hack Loss Is Already Covered — $5 Billion Covered
New Update:
Binance have now covered over $6.34 billion to absorb the largest crypto theft on record, and it has already parked $5 billion of the reserve with the exact assets that were siphoned. This covers ~80% of the liability, with $5 billion in USDC, USDT, BTC, ETH & BNB.
What this means is they are using their own Binance funds to cover the users funds, not just the frozen funds from the hacker. They previously froze ~$3 billion in assets with help from Tether & Circle, however the remaining was purchased by Binance on the market and OTC.
TRM Labs are still attributing the original $6.36 billion that was moved across 10 blockchains in around 20 minutes (starting 20:05UTC on the 29th October) to North Korea's TraderTraitor group.
The market had a sell-off yesterday, flushing BTC out of $81,953 to $76,444 and liquidating ~$1.5B longs.
BINANCE Live Price: BTC $76,840.8 (-4.39%) H: $81,953.7 L $76,444.0 Volume: 338,477 BTC ($26.64B) Day: -4.93% 7D: -5.54%
Support: $76,444 must hold / $76,840 break down level. If this breaks then we risk $75K. Resistance: $81,953 recent top / $80K psychological level. Reclaim $80K = bounce to $81,953 then target $83K.
Bias: We still have $$5B coverage announcement calms the worst fear — Binance will cover all losses. But $1.3 billion to account for. I'm not going long until we get to $$76,444 to hold and a close above $80K with volume. If we go below $76,444 then avoid going long.
The real issue is how do they stop this from happening again? It was a breach of their DevOps laptop.
Do you think the 80% being covered will push BTC back above? Or will it remain pressured due to $$6.34 billion to absorb the largest crypto theft on record, and it has already parked $0__1.3B still to be covered?
$BTC $ETH $SOL
@Binance Square Official
#Binance #BinanceSquare #BTC #ETH #sol
New Update:
Binance have now covered over $6.34 billion to absorb the largest crypto theft on record, and it has already parked $5 billion of the reserve with the exact assets that were siphoned. This covers ~80% of the liability, with $5 billion in USDC, USDT, BTC, ETH & BNB.
What this means is they are using their own Binance funds to cover the users funds, not just the frozen funds from the hacker. They previously froze ~$3 billion in assets with help from Tether & Circle, however the remaining was purchased by Binance on the market and OTC.
TRM Labs are still attributing the original $6.36 billion that was moved across 10 blockchains in around 20 minutes (starting 20:05UTC on the 29th October) to North Korea's TraderTraitor group.
The market had a sell-off yesterday, flushing BTC out of $81,953 to $76,444 and liquidating ~$1.5B longs.
BINANCE Live Price: BTC $76,840.8 (-4.39%) H: $81,953.7 L $76,444.0 Volume: 338,477 BTC ($26.64B) Day: -4.93% 7D: -5.54%
Support: $76,444 must hold / $76,840 break down level. If this breaks then we risk $75K. Resistance: $81,953 recent top / $80K psychological level. Reclaim $80K = bounce to $81,953 then target $83K.
Bias: We still have $$5B coverage announcement calms the worst fear — Binance will cover all losses. But $1.3 billion to account for. I'm not going long until we get to $$76,444 to hold and a close above $80K with volume. If we go below $76,444 then avoid going long.
The real issue is how do they stop this from happening again? It was a breach of their DevOps laptop.
Do you think the 80% being covered will push BTC back above? Or will it remain pressured due to $$6.34 billion to absorb the largest crypto theft on record, and it has already parked $0__1.3B still to be covered?
$BTC $ETH $SOL
@Binance Square Official
#Binance #BinanceSquare #BTC #ETH #sol
