Binance co-CEO Richard Teng told the exchange\u2019s customers that the company will cover all losses after a security incident estimated to have impacted $6.3 billion.<\/p>\n
Additionally, Binance has conceded that the compromised laptop, which was initially blamed for the breach, was not the only factor, as investigators have found additional points of attack.<\/p>\n
In an X post, Teng said<\/a> that the initial investigations suggested that an attacker may have gained access through a DevOps engineer\u2019s compromised laptop, which allowed them to get into a service container and submit unauthorized withdrawals. However, he cautioned against reducing the incident to one employee\u2019s permissions or a single click.<\/p>\n \u201cTo be clear: the attacker did not simply use one engineer\u2019s permissions, and this was not a single \u201cone-click\u201d action,\u201d the executive explained. \u201cIt involved a more complex attack process. Our investigation has not attributed responsibility to any individual.\u201d<\/p>\n Regarding what the exchange had done since the hack, the co-CEO pointed out that it had temporarily stopped withdrawals and had performed a complete security revamp of the whole withdrawal service and addresses connected to it. Binance also revoked the authorizations of affected addresses and has invited law enforcement agencies and on-chain intelligence firms to help trace and recover the money.<\/p>\n A later update from Binance changed the picture further, with the exchange saying<\/a> subsequent investigations had uncovered \u201cadditional points of breach,\u201d although it didn\u2019t say exactly what they were.<\/p>\n Teng added that the company had found no evidence of a private key leak and that about $3 billion of the $6.3 billion that had been stolen had been frozen on-chain with the help of \u201cblockchain partners.\u201d Furthermore, he reiterated that customer funds were safe and that Binance will cover all losses from its SAFU fund as well as additional funds from the company.<\/p>\n Many X users responded positively to Teng\u2019s explanation, praising the crypto firm\u2019s \u201cstrong\u201d leadership and transparency. Others were just relieved that their funds were safe.<\/p>\n However, some were less accommodating. One of them, the NFT account Chill Pill, which has a following just shy of 100,000, said it \u201cwouldn\u2019t trust Binance\u201d at this point. Meanwhile, self-described crypto watchdog MASTR called<\/a> the exchange incompetent and suggested that if it sold more assets to reimburse users, it could add pressure on the wider market.<\/p>\n Others, like former X head of product Nikita Bier, laid into Binance co-founder Changpeng Zhao, calling him a \u201cnomadic autistic man\u201d and questioning<\/a> his \u201cfunds are SAFU\u201d response to the biggest crypto hack in history.<\/p>\n Indeed, the shock was felt in the market, with BTC briefly dipping<\/a> to $76,300 and wiping out nearly $479 million in positions, with ETH recording another $363 million in liquidations.<\/p>\n The post This Is What Binance Has Done Following $6.3B Hack<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Binance co-CEO Richard Teng told the exchange\u2019s customers that the company will cover all losses after a security incident estimated to have impacted $6.3 billion. Additionally, Binance has conceded that the compromised laptop, which was initially blamed for the breach, was not the only factor, as investigators have found additional points of attack. Binance Working […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-246008","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246008"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=246008"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246008\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Public Criticism Grows<\/h2>\n