Add as a preferred source on GoogleTRM Labs’ Ari Redbord Calls Binance Theft Largest Bank Robbery in Human History
The Oct. 29 outflow moved about $6.36 billion from Binance hot wallets across at least 10 blockchains in roughly 20 minutes.
Ari Redbord of TRM Labs described the Oct. 29 theft from Binance as “the largest bank robbery in human history,” comparing the incident with crimes beyond crypto’s record hacks.
About $6.36 billion in digital assets moved out of Binance hot wallets over roughly 20 minutes. The transfers crossed at least 10 blockchains, with estimates of the total loss ranging from $6.3 billion to $6.4 billion. The reported amount is roughly double the previous record for a crypto theft.
Hot wallets stay connected to the internet so an exchange can handle routine customer withdrawals. The Binance theft has also been described as the largest in cryptocurrency history.
Simon Yoon
ReporterSimon Yoon reports on blockchain technology for TokenPost. Send corrections or tips to info@tokenpost.com.