Binance exchange says it will cover customer losses as it scrambles to freeze affected assets, with about $3bn located so far

The world’s largest cryptocurrency exchange has been hit by a record $6.3bn (£4.7bn) hack described as the biggest heist in history, with experts identifying North Korea as the likely culprit.

Binance said it would cover all customer losses as it froze $3bn of the affected assets.

Analysts said the exchange had been subjected to an unprecedented attack with “never-seen-before” laundering patterns as the hackers made off with assets worth billions of dollars.

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[–] -3 points 13 hours ago* (16 children)

You can't though. No one takes crypto as payment for anything other than drugs.

It's regulated as an asset, not a currency.

And why do these retards keep it on an 'exchange'?

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  • [–] 2 points 7 hours ago (3 children)

    On Yelp you can filter by "Accepts Cryptocurrency". It's usually a restaurant owner who wants to avoid fees.

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  • [–] 0 points 6 hours ago (2 children)

    It can only do 10 transactions a second. It was never built for payment processing.

    It's a digital asset.

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  • [–] 3 points 10 hours ago (10 children)
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  • [–] 1 point 6 hours ago (2 children)

    What % of payment transactions are done by crypto?

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  • [–] 1 point 9 hours ago (4 children)
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  • [–] 0 points 5 hours ago (2 children)

    Crypto is not used as a currency, purchasing goods and services. It’s a speculative asset that’s used as a fiat debasement trade

    https://ethereumadoption.com/built-on-ethereum?view=byEntity

    https://defillama.com/stablecoins/ethereum

    Most of it is owned by the same banks that caused the crash that bitcoin was created to avoid.

    This is the only sorta-kinda correct thing you said. The complete co-opting of crypto by institutions is a bit worrisome, but if you're truly worried about a "crash", then hold stablecoins. The network itself is decentralized and nobody "owns" it. Your keys are your keys.

    Pretty fucking ironic.

    There's nothing ironic. I can acquire crypto, send and receive it, without any tradfi involvement.

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