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Binance Reportedly Hacked for $6.3 Billion; Centralized Controls Said to Recover $3 Billion
(3 hours ago) · 1 source · Summarized by CryptoBipto
According to a CoinDesk report, Binance experienced a hack resulting in $6.3 billion in losses. The exchange's centralized infrastructure reportedly allowed attackers to exploit a single point of failure, but also enabled Binance to freeze and recover approximately $3 billion of the stolen funds.
WHY IT MATTERS
When you use a centralized crypto exchange, you are trusting that company to hold your funds safely, much like depositing money in a bank.
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SOURCES
- coindesk.com
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