Binance Responds to $6.3 Billion Hack: Stolen Funds Came From Platform's Own Hot Wallet, User Assets Unaffected

Odaily reports: Crypto journalist Eleanor Terrett posted that in response to outside questions about why Binance still claims user funds are safe after suffering an approximately $6.3 billion hack, a Binance spokesperson responded that customer funds were unaffected and that the stolen funds came from one of the exchange's own hot wallets. Binance stated that most customer assets are held in cold wallets and are only transferred to hot wallets when users initiate withdrawals.

The spokesperson also said that most of the funds Binance earns from daily operations are held in the form of crypto assets, and the company retains a substantial portion of them and continues to invest in business development and security infrastructure. Because of this, Binance was able to immediately use its own funds to absorb losses of this scale.