Binance hack drained wallets that backed customer assets, reserve data shows

·3 views

Binance's own reserve data identifies the drained wallets as holding funds that back customer balances. As a result, the exchange's ether reserves are reportedly about 6% short of covering those balances. The shortfall would persist until Binance replaces the stolen assets. The report relies on the exchange's published reserve information. No further details on the timing or scale of the breach are included in the source.

Read the full story at CoinDesk

This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Discussion (0)

Binance hack reported, pushing crypto prices lower led by BNB

Cryptocurrency prices are falling after reports of a multi-billion dollar hack involving Binance. The BNB token has led the declines, dropping about 6% within the past hour. The source article provides limited detail beyond the price movement and the size of the reported incident. Further information on the scope, cause, and response from Binance has not been confirmed in the available text. Traders are reacting to the news as markets remain volatile.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Polymarket Suspends Trading After Third-Party Breach Causes User Losses

Prediction market platform Polymarket has suspended trading following a security breach at one of its third-party providers. Users reported that their accounts had been drained of funds. The company attributed the incident to the compromised vendor rather than its own core systems. Trading will remain halted while the situation is investigated. Further details on the scope of losses and the timeline for resuming operations were not specified in the report.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Druckenmiller's first X post backs Hyperliquid venture after $23M indirect investment

Billionaire investor Stanley Druckenmiller made his first post on X to disclose an investment in Trade[XYZ], a venture linked to the Hyperliquid platform. The post came as Hyperliquid teamed up with the parent company of the New York Stock Exchange. The investment is described as indirect and valued at about $23 million. Druckenmiller's family office had previously reported holding shares in a treasury company focused on HYPE, the platform's token.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

KuCoin Exits Russia and Belarus, Following Rival Exchanges MEXC and Bitget

Crypto exchange KuCoin is closing user accounts in Russia and Belarus. The move comes after MEXC and Bitget announced similar withdrawals from the two countries earlier this month. The article describes a wider trend of crypto exchanges pulling out of markets subject to Western sanctions. The source material does not give further detail on the specific reasons or timeline beyond these points.

0 comments Read more at CoinDesk