Binance Will Cover All Hack Losses, Suspends All Deposits…
By Tobi Opeyemi Amure
AI summary of the source article
Binance announced it will cover all losses from a suspected hack and suspended all deposits and withdrawals. The exchange reported that a verified total of $2.54 billion has been frozen, primarily by stablecoin issuers Tether and Circle.
Why it matters
The pledge settles the question that has hung over every update since the drain began: who pays. It leaves the bigger one open, which is how much.
Key facts
- Binance pledged to cover all losses from a suspected hack and suspended all deposits and withdrawals.
- A verified total of $2.54 billion has been frozen, including over 1.567 billion USDT by Tether and over 800 million USDC by Circle.
- Estimated outflows from Binance hot wallets range from $3.3 billion on Ethereum to at least $5.57 billion across Ethereum, Bitcoin, and Tron.
Source excerpt · FinanceFeeds
Binance says it will cover every dollar lost in the suspected Binance hack, and it has frozen the exchange to do it. In an official post on X at 00:13 UTC on 30 October, the exchange said: "Binance will cover all losses." In the same post it suspended all deposits and withdrawals "while our team conducts security checks, freezes funds, and works with law enforcement." It is the first time Binance…