Add as a preferred source on GoogleBinance Estimates Hot-Wallet Attack Impact at $6.3 Billion
The exchange said about $3 billion in affected assets had been frozen on-chain and it had prepared more than $6.34 billion in company funds to cover losses.
Binance estimated that an attack on one of its hot wallets caused about $6.3 billion in impact, after the exchange said about $3 billion in affected assets had been frozen on-chain.
Binance placed the attack at about 4:05 p.m. ET (20:05 UTC) Thursday, Oct. 29. It said it had prepared more than $6.34 billion in company funds to cover losses; that figure does not establish the incident’s final net loss.
Binance co-CEOs He Yi and Richard Teng said, “Binance will bear the financial losses from this asset theft—not our users.”
During sessions dated Oct. 26-29, U.S. spot Bitcoin (BTC) ETFs recorded $440.8 million in net inflows, with BlackRock’s IBIT contributing $410.6 million. The flow figures are dated by session and have no intraday timestamps, so they do not establish that all the inflows arrived before the attack. ETF funds then posted $643.2 million in net outflows on Oct. 30, leaving the Oct. 26-30 period with a $202.4 million net outflow.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.