North Korea gets away with $3 billion from Binance
www.citationneeded.news
Stablecoin issuers froze about $2.4 billion of the roughly $6.4 billion stolen. The rest exceeds Binance’s insurance fund, and the man promising to make users whole isn’t supposed to be running the company.

Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:

https://hachyderm.io/@molly0xfff/117526961419935070

I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.

  • OhVenus_Baby@lemmy.mlEnglish
    2·
    7 days ago

    They had access to 6.8, Binance froze over 3 billion, and off chain partners froze other coins. They said 3 billion or less.

    • SaveTheTuaHawk@lemmy.caEnglish
      2·
      6 days ago

      They had access to 6.8, Binance froze over 3 billion

      So much for blockchain security and free money. You missed the point, this wasn’t supposed to be possible, bro.