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⚔️ The Binance Hack: Where Things Stand

Here's a quick rundown on the Binance hack. Thursday's attack drained about $6.3 billion from Binance's hot wallets, and roughly $3 billion of that has been frozen so far.

How it happened:
It looks like it started with one engineer's laptop. The attacker got into it, used it to reach Binance's internal systems, and pushed through withdrawals. Binance says no wallet keys were leaked and promises a full breakdown soon.

What's happened since:
• The stolen funds got spread across multiple blockchains
• Tether and Circle froze the stolen stablecoins
• Binance paused all deposits and withdrawals (Binance.US is fine)
• Aave paused new deposits and borrowing as a precaution

What about user funds?
Co-CEO Yi He says Binance will cover every user's losses. They also have an emergency fund (SAFU) holding about $1 billion.

Market impact
Bitcoin slipped under $77K, and BNB is down around 8%.

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🚨 Binance is reopening withdrawals in phases after the hack

Phase one starts today, Nov 1, between 06:00 and 09:00 UTC.

First wave includes: BTC, ETH, BNB, SOL, XRP, DOGE, ZEC, TRX, SUI, POL, AVAX, ARB, GRAM, plus USDT and USDC on major networks (ETH, BSC, TRX, SOL, TON, Polygon, Arbitrum, Base, Optimism, AVAX C-Chain)

- Deposits were never affected
- Binance says it has covered about 95% of the stolen funds and that users won’t take the loss
- Other assets will be added in later phases
- Expect delays at first. If a withdrawal fails, try again in a bit

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