Grayscale Says $6B Binance Hack Highlights Crypto Custody Risks

Binance says it has restored 95% of affected assets, with the remaining 5% involving less liquid tokens that require more time to recover. Tether and Circle froze approximately $2.9 billion, representing 45% of the stolen funds, while Binance absorbed the losses. Grayscale highlights institutional custody safeguards, including segregated holdings, offline storage, multi-signature wallets and insurance, as ways to strengthen investor protection. The $6 billion Binance hack has renewed scrutiny of crypto security, although Binance says customers will not absorb the losses. Grayscale Head of Research Zach Pandl said the October 19 attack, attributed to North Korea, highlights institutional custody.

Source: Crypto Front News