This afternoon, regular Bitcoin trading has taken the hit as well, dropping to $78,000 and change.
This would seem to be the largest single hack in the history of crypto. And while CZ is claiming that everyone will get their money back… He no longer runs Binance and in fact was convicted of frauds (pardoned by Tangerine 2.0 — after vast campaign contributions!), related to Binance ops… I’m not sure he’s a very reliable witness. Here’s the latest, on it all — what a train-wreck of a sector:
…Online sleuths are tracking the draining of a Binance wallet into a new externally owned account.
The new account now has more than $5.7 billion of various cryptos, according to Arkahm, including nearly $1.5 of bitcoin and $900 million of ether. The wallet also has roughly $1.4 billion in USDT and USDC combined.
“Our teams are aware of reports of a potential security issue and are actively investigating,” said Binance on X.
“User funds are safe,” said Binance founder CZ. “It does look like a hack on Binance … I don’t manage Binance anymore, but as a shareholder, I expect all user funds will be fully covered.”
The CEOs of stablecoin issuers Tether and Circle both said they were tracking the hack. Tether’s Paolo Ardoino said his firm had frozen over $1.57 billion worth of USDT, while Circle’s Jeremy Allaire said his firm froze over $800 million in USDC.
Lending protocol Aave may take a hit as well. The exploiter borrowed 20,000 of wrapped ETH (roughly $44 million) through the lending protocol, using stolen USDT as collateral….
What a goofy [non-financially astute] market place this whole crypto-sector has metastasized into.
Y I K E S.
“Fools — and their money…” right?!
नमस्ते
