Binance’s Big Bitcoin Blip
How the Hack Unfolded
On Wednesday, Binance spilled the beans that a crew of digital burglars was able to snatch roughly $41 million worth of Bitcoin—yes, that’s 7,000 coins, a full‑blown bitcoin bonanza.
- Phishing?
- Viruses?
- Other shady tricks?
Good news for the everyday user—your funds stay untouched because Binance is rolling out its Secure Asset Fund to cover the loss.
Price Crash vs. Recovery
Bitcoin’s price dipped 4.2% during early Asian trading but, like a cartoon character bouncing back, it nudged some of that momentum up later.
Other Exchanges Get the Preamble
CEO Zhao Changpeng tweets that a host of exchanges, including Coinbase, are blocking deposits from addresses linked to this hack. No funny business, folks.
The Bigger Picture
Last year, a staggering $950 million of crypto was pilfered from exchanges and wallet services—up a whopping 260% from 2022.
- Japan and South Korea alone accounted for 58% of those thefts.
What’s Next for Binance?
All deposits and withdrawals have been put on hold for about a week while Binance conducts a thorough security review. Stay tuned—security’s back in full swing.
