Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. It was shocking and sad news to see Binance being hacked for over $6.3billion and in this post I will look into the details of what we know and how it happened.
Binance Hack
It is suspected that North Korea was involved in the hack of Binance for around $6.3billion. Likely to be the largest crypto heist in history the security incident led to the suspension of withdrawals and deposits on its platform.
The good news is that the exchange have already allayed fears by ensuring they will cover the losses for all customers, but it does not lighting the mood with cryptocurrencies such as Bitcoin down following the news. Confidence in crypto is shaken and it seems the heist came about from a Binance engineer’s laptop being infiltrated. This allowed the hackers to gain access to the “hot” wallets.
Binance were quick to act with their partners in crypto as both USDT and USCS froze billions in assets. With no cyber insurance it will be up to Binance to cover the costs and many will be hesitant to trust storing their assets on a CEX following this latest hack.
Bitcoin is trading around $76k as the markets tumble in reaction to the news. The CEO of Binance, Richard Teng, has posted about the incident on X. There he outlines their commitment to covering the loses along with his gratefulness to their partners for freezing funds. The Federal Bureau of Investigation (FBI) and the United States Secret Service (USSS) are also assisting in the process and have engaged with relevant public and private partners.
https://x.com/_RichardTeng/status/2116176703823528024
Famous crypto detective Coffeezilla explain how the hack may have taken place, how the hackers could move the funds by using DeFi, and then potentially 'launder' the funds through mixers.
Its been a difficult day for crypto in the lead up to Halloween but hopefully Binance will be capable of rising again from this incident and that we wont have any level of FTX style repeat.
Have a great day.
Peace. CryptoGod-1.
