North Korea gets away with $3 billion from Binance
www.citationneeded.news
Stablecoin issuers froze about $2.4 billion of the roughly $6.3 billion stolen. The rest exceeds Binance’s insurance fund, and the man promising to make users whole isn’t supposed to be running the company.

Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:

https://hachyderm.io/@molly0xfff/117526961419935070

I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.

  • FlashMobOfOne@lemmy.worldEnglish
    53·
    4 hours ago

    Yes.

    You may not like the product but these people still have a reasonable expectation of security, and they should.

    I don’t care for AI girlfriends, but when they convince a teen to off themselves I still acknowledge that the teen is, objectively, a victim even though the product is unregulated.

    • ayyy@sh.itjust.worksEnglish
      3·
      4 hours ago

      That’s different because we don’t expect teenagers to make good decisions so we try to protect them. All Binance customers are adults.