How Binance Plans To Cover $6 Billion Hack Without Hitting Customers

The post How Binance Plans To Cover $6 Billion Hack Without Hitting Customers appeared first on Coinpedia Fintech News

Binance says customer balances are untouched by this week’s hack because the stolen crypto came from one of its own hot wallets, which the exchange legally owns. A Binance spokesperson explained the setup to journalist Eleanor Terrett. When users deposit crypto on an exchange, the platform typically takes ownership of the assets and credits each …