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Binance Claims It Covered $6.34 Billion Hack Using Company Funds
(4 hours ago) · 1 source · Summarized by CryptoBipto
Binance has stated that it has fully covered losses from a $6.34 billion hack using its own company funds. The exchange says customer funds have been made whole. Details about the hack and independent verification of the claim remain limited.
WHY IT MATTERS
When you store cryptocurrency on an exchange like Binance, the exchange holds your funds for you, similar to how a bank holds your money.
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SOURCES
- bitcoinmagazine.com
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