Biggest Hack In History of Crypto: Binance Hacked for up to $5.8 Billion (but funds are insured says CZ)

This might be the biggest attack in crypto history, and it shows that any cryptocurrency exchange can be hacked.
Having hacked cold wallets, hot wallet is a free meal.
 
The part of this thread that matters most to me is not whether one large exchange can absorb a loss, but what happens to users while withdrawals are paused. NirvanaWolf raised the custody point well: funds left on an exchange for convenience are still exposed to that exchange's controls, even if leverage trading explains why some traders keep a balance there. A practical split is to keep only what is needed for active trading on an exchange and move longer-term holdings to self-custody, with backups tested before they are needed. That way an incident like this becomes an inconvenience for trading, rather than a question about whether all of your holdings are reachable.


Yeah.

Active traders should be able to form lawsuits on this but i know they haven't protection in their TOA
 
The biggest hack, so to speak, was the one at the FTX —and that was no minor event; it really shook people's faith in exchanges.
 
This is a good reminder that even the largest exchanges aren't completely safe. That's one of the main risks of keeping funds on centralized platform. I still think it's important not to keep all your crypto in one place.
 
$5.8 billion is an incredibly large sum of money; the value of the insured assets—which amounts to $5.8 billion—is quite significant, a fact that is rather intriguing—or perhaps ironic—within the context of decentralized crypto.
 
Even the largest exchange in the world can be hacked. When it comes to cryptocurrency, nowhere is completely safe.
It is safe in your own hardware wallet.
 
I must say, the hackers were absolutely fcking geniuses.
They are not getting a dime of it back

But there's also a floating theory that it wasn't even a hack

That this was Binace's doing

and that this will be the start of 'proof' Crypto is better than banking...................and a huge bull run is coming.




A hacker on how bad it feels to hold hacked money .. had 100K Bitcoin they stole:
 
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