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Binance Reports $6.3 Billion Hot-Wallet Breach and Pledges to Cover User Losses
(3 hours ago) · 1 source · Summarized by CryptoBipto
Binance has disclosed a $6.3 billion breach of its hot wallets, making it one of the largest exchange hacks in crypto history. The exchange has stated it will cover all user losses from its reserves. Details about how the breach occurred and the full scope of the incident are still emerging.
WHY IT MATTERS
When you hold cryptocurrency on an exchange like Binance, the exchange controls your funds on your behalf, similar to how a bank holds your money.
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SOURCES
- newsbtc.com
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Exchange SecurityHot Wallet BreachBinanceCentralized Exchange RiskCrypto Custody