Binance Says $6 Billion Hack Will Leave Customer Balances Untouched
Photo: TokenPost
Binance says a hot-wallet hack involving $6 billion in cryptocurrency will not alter customer account balances because the stolen assets belonged to the exchange itself. The claim turns on the difference between crypto the platform owns and the balances it records for users. Binance says the compromised coins came from one of its own hot wallets, which the exchange legally owns. The company says customer balances remain untouched. Binance explained this through its usual deposit setup. When users deposit crypto on an exchange, the platform typically takes ownership of the assets and credits each customer with an account balance.
Source: TokenPost
