Hacking News
$6.3B Walked Out of Binance Hot Wallets
Someone drained Binance's hot-wallet infrastructure for $6.3 billion, the biggest theft in the crypto industry history. Most of the funds were withdrawn in about 20 minutes. Reports link the job to North Korea, which reportedly rewards its top hackers with apartments in Pyongyang. Binance CEO Richard Teng stated that the 'vast majority' of user assets are held in cold wallets, but did not provide exact numbers. Binance has restored withdrawals and covered the damage through its SAFU fund and its own reserves. The incident led to a market reaction, with prices initially selling off but rebounding more than expected. Rivals like Gate have launched a 'Proof of Security' framework to demonstrate their cold storage coverage, but Binance has not disclosed its cold/hot wallet split.