North Korea gets away with $3 billion from Binance
www.citationneeded.news
Stablecoin issuers froze about $2.4 billion of the roughly $6.3 billion stolen. The rest exceeds Binance’s insurance fund, and the man promising to make users whole isn’t supposed to be running the company.

Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:

https://hachyderm.io/@molly0xfff/117526961419935070

I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.

    • JPAKx4@lemmy.blahaj.zoneEnglish
      3·
      5 hours ago

      The stable coins are the only ones not stolen, since they have a centralized authority and could freeze the assets.

    • Nora (She/Her)@lemmy.dbzer0.comEnglish
      541·
      17 hours ago

      I mean its probably not a rug pull. Most likely its a coordinated state sponsored hacking group, like the Lazarus group, who would be my bet for the big winner of this.

      I’m curious how much theyll walk away with in the end.