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Attacker gets away with up to $3 billion from Binance (www.citationneeded.news)

submitted 3 days ago by otter@lemmy.ca to c/technology@lemmy.world

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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.

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[–] sartalon@lemmy.world 7 points 1 day ago* (last edited 1 day ago)

Exactly. Stocks weren't meant to be traded as a way to make money. They were meant to represent ownership in a company that payed out dividends.

But then finance bros being finance bros, figured out they could gamble against a stock's value and potentially make even more money.

Then it became normalized.

At least there are rules now and some oversite. It used to be a literal secret group of men, in a room, deciding value and who gets what.