this post was submitted on 31 Oct 2026
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Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far

The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.

Binance said it would cover all customer losses as it froze $3bn of the affected assets.

Analysts said the exchange had been subjected to an unprecedented attack with “never-seen-before” laundering patterns as the hackers made off with assets worth billions of dollars.

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[–] L501@lemmy.world 2 points 2 days ago (1 children)

Anyone keeping their money in exchanges is a moron. But with that said, I keep a decent amount of money in a few monero wallets since I use monero to pay for mullvad because there are laws being written in my state which may make vpns illegal in the future as part of age assurance laws.

[–] SpookyBogMonster@lemmy.ml 3 points 2 days ago

And that's fair, I think. I've considered keeping some money in Monero wallets in case I need to buy grey market HRT.

What gets me, is people dumping their entire savings into exchanges and essentially speculating on a highly volatile thing like cryptocurrency.