Estimates that up to 6 billion was drained. 3 billion has already been frozen. Binance has 1 billion in proven insurance fundshttps://financialcrime.org/binance-4-billion-settlement-cz-guilty-plea/In 2023 Binanace was easily able to pay a 4.3 billion fineThe vast majority of funds are stored in cold wallets, which probably have a 5 of 9 multisig airgapped kind of setup
https://youtube.com/watch?v=DelF6zEHXpE
can someone explain to me how the funds are "safu" if billions have been stolensomebody has to take a haircut from this, rightwho's gonna eat the L if not the crypto holders
>>62834252Apparently China will just give it back or something. But they still have transfers locked so.
>>62834278oh ok good. based china making the little guy whole
>>62834252Because most of the crypto they hold is in cold storage. Stealing from a hot wallet is magnitudes easier than stealing funds stored in cold storage. If stored correctly then it would be as hard as attacking the cryptography behind cryptocurrency itself or compromising multiple high level individuals which is less likely that those who control the keys all agreeing to steal it because they are greedy. Compromising a hot wallet Is breaking into a serverCompromising binance cold wallets is more like breaking into the intranets of multiple nuclear power plants
>>62834252>>62834342Binance has billions, maybe tens of billions of corporate funds to cover the losses, if they choose not to then binance goes under
>>62834342What actually happened? just on popped on /biz/ and x for the night. since AI slop has been so prevalent lately I've been ignoring everything especially nonsensical security reports but it seems like this was a legit wallet drain on Binance?
>>62834342...wasn't it already stolen though?
