Bloomberg · New York · Bitcoin · Fortune Technology
Binance will survive the $6.3 billion hack—but this is the start of a terrifying new era
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
It’s been more than 72 hours since North Koreans robbed Binance in the biggest hack in crypto history and, by all indications, things will be fine.
Key facts
- They unplugged part of the exchange, halting all withdrawals—but not before the North Koreans stole $6.3 billion
- Meanwhile, the company has reassured customers their funds are safe and that it will be able to offset the roughly $3.8 billion in net losses
- A startup called Casap, whose AI has helped credit card firms reduce an epidemic of "friendly fraud" from their own customers, raised a $56M Series B ( Fortune )
- The North Koreans and others will almost certainly employ the techniques they honed in the Binance hack to go after traditional Fortune 500 companies
Summary
Before turning to the bigger picture, it’s worth recounting what happened at Binance. Binance’s co-CEO Yi He, who is seven months pregnant, and other execs reacted quickly. All of this went down on Thursday afternoon and evening, New York time. Meanwhile, the company has reassured customers their funds are safe and that it will be able to offset the roughly $3.8 billion in net losses. Binance put on a masterclass in crisis management with regular and candid updates, helping reassure customers and the markets that the situation was contained.