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Binance Reports $6.3 Billion Hack, Says It Will Cover User Losses
(3 hours ago) · 1 source · Summarized by CryptoBipto
Binance has reportedly suffered a $6.3 billion hack. The exchange has stated it will cover all user losses resulting from the incident.
WHY IT MATTERS
When you hold cryptocurrency on an exchange like Binance, the exchange controls the private keys to your funds — similar to how a bank holds your money in its vault.
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SOURCES
- cryptopotato.com
RELATED
Exchange SecurityHacksBinanceCustody RiskUser Fund Protection
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