Binance says users will not lose funds after $6.3B hack
Binance just took a big hit: a hack on October 29 led to about $6.3 billion being stolen from its hot wallets.
But here's the good news: Binance says users won't lose any money, thanks to their Secure Asset Fund for Users (SAFU) and company reserves.
Binance secures about $5B, withdrawals resuming
About 80% of the stolen tokens, roughly $5 billion, have already been secured in the same digital assets that were stolen, and withdrawals should start up again in about 34 hours after security checks finish.
The hack may have involved a compromised laptop but turned out to be more complex, with several entry points found.
Binance has frozen $3 billion in assets and is working with law enforcement; early signs point to a North Korean-linked group behind the attack.
A Proof of Reserves report is coming by November 2, so expect more updates soon.