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Speculation Lab
@speculationlabx
15 Following    303 Followers
Binance just reopened another wave of withdrawals. Same promise at the bottom: “Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users.” They can afford it. What they still haven’t explained, almost a week later, is how $6.3 billion got signed out of their own wallets. Here’s the part that stings: on the day of the hack, Binance shut withdrawals. Users couldn’t withdraw a cent. The hacker could still make Binance’s wallets sign. Since Nov 3, a second batch is coming back in stages: 9 networks, 85 more tokens, plus all bStocks, each opened only after security checks. BTC, ETH and USDT were already in the first batch on Nov 1. The money is being replaced. Binance says it has replenished about 95% of the stolen assets, and its proof of reserves is public. But there’s still no full post-mortem. Binance has only said a DevOps engineer’s laptop “may” have been the way in. Later that day, it added that it had found “additional points of breach.” Then there’s the strangest moment on-chain. Binance 14, a hot wallet, had already been emptied. Another Binance wallet still topped it up with $200 million in USDT. 72 seconds later, it was swept. Luckily, Tether had already blacklisted the receiving address, so that $200M is still frozen. The hacker’s access to that wallet stayed live for 3 hours and 49 minutes. Binance revoked it at 8:10 a.m. Beijing time. The FBI has named North Korea. As of Nov 1, Elliptic counted more than $3 billion in the hackers’ hands that can’t be frozen. Binance’s SAFU fund holds only a little over $1.1 billion, so most of the bill falls on Binance itself. I rebuilt the whole day from the blockchain, transfer by transfer. Full video in the replies. Withdrawals are back. Are you pulling your coins out?
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