A little something that's not mentioned, and ppl may not even think about:
Binance did not borrow money
Binance did not sell assets
Binance did not raise money
Binance covered from its balance sheet.
This differs from other incidents that people keep wanting to compare to. 🙏
UPDATE: Binance says it has reserved $6.34B to cover the incident and has begun recovering affected assets for users. The remaining shortfall is being bought through market and OTC channels.
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
https://t.co/ywB2mKFy0p
4 ideas to try on https://t.co/HQ2Tj9lbnW today:
1. "Plan a 4-day trip to Seattle with two kids. Prioritise walkable hotels and kid-friendly food."
2. "Find a time and place to meet a friend for lunch next week."
3. "Book a surprise dinner for 8 on Saturday at 7PM."
4. "Book the next flight from Los Angeles to New York for 2 people."
Turn on Complex tasks first. Then watch the agents work. You’re welcome.
🇺🇸 NEW: The Bank Policy Institute, representing 40 of America's leading banks, cites Quant (ethereum:0x4a220e6096b25eadb88358cb44068a3248254675) as the technology provider for The Clearing House's upcoming interbank tokenized deposit network.
The report outlines integration with RTP, CHIPS, Fedwire and Federal Reserve settlement infrastructure, targeting launch in H1 2027.