🚨 Did Binance really absorb a $6.3B loss? Withdrawals may reopen today, but understand this first;
Friends, according to the BBC, Binance says it has covered 90% of the $6.3 billion in stolen assets, and the remaining 10% will take a little longer.
The company says it will absorb the loss, not users, and has set aside more than $6.34 billion of its own funds for this.
Holdings of $BTC , $ETH and $USDT , plus 7 other major assets, are fully covered.
On Saturday the FBI said North Korea is behind the hack and named the Lazarus Group (TraderTraitor). North Korea has always denied such accusations.
An engineer's laptop was blamed at first, but more breach points were found later.
According to Richard Teng, several people were involved, and a "self-destruct mechanism" was used to hide their tracks.
About $3 billion was frozen on Thursday, and the US Secret Service is working to trace and recover the funds. The investigation is ongoing.
This is bigger than the 2025 Bybit hack ($1.5 billion), and Binance says withdrawals are on track to reopen today, November 1.
In my view, the real test is when withdrawals open. What will you do, pull your money out or keep it on Binance? Comment below 👇.
This is only information, not financial advice.
#Binance #BinanceHacks #CryptoSecurity #Lazarus #BinanceSquare
Friends, according to the BBC, Binance says it has covered 90% of the $6.3 billion in stolen assets, and the remaining 10% will take a little longer.
The company says it will absorb the loss, not users, and has set aside more than $6.34 billion of its own funds for this.
Holdings of $BTC , $ETH and $USDT , plus 7 other major assets, are fully covered.
On Saturday the FBI said North Korea is behind the hack and named the Lazarus Group (TraderTraitor). North Korea has always denied such accusations.
An engineer's laptop was blamed at first, but more breach points were found later.
According to Richard Teng, several people were involved, and a "self-destruct mechanism" was used to hide their tracks.
About $3 billion was frozen on Thursday, and the US Secret Service is working to trace and recover the funds. The investigation is ongoing.
This is bigger than the 2025 Bybit hack ($1.5 billion), and Binance says withdrawals are on track to reopen today, November 1.
In my view, the real test is when withdrawals open. What will you do, pull your money out or keep it on Binance? Comment below 👇.
This is only information, not financial advice.
#Binance #BinanceHacks #CryptoSecurity #Lazarus #BinanceSquare
