Where are your funds actually sitting?

Most of your assets are in COLD wallets (offline). Only a small % lives in HOT wallets (online) to handle withdrawals.

The attacker hit the hot wallets.

Binance absorbs the loss. Users aren't touched.

This is standard exchange security architecture. Cold storage = your real vault. Hot wallets = the cashier's drawer.

If you're still keeping life-changing money on CEXs long-term, you're doing it wrong.