🚨 Binance has recorded over $10.24B in net outflows over the past 7 days, incl… · @TuanNguyen_6789 · TwKit

@TuanNguyen_6789

🚨 Binance has recorded over $10.24B in net outflows over the past 7 days, including $3.53B in the last 24 hours alone. I just tested deposits, withdrawals, P2P, and internal transfers on Binance. Everything seems to be running smoothly again. It took Binance roughly 60 hours to handle a $6B+ hack and bring things back to normal. From what I understand, around $3B in stolen assets has been frozen, but not actually recovered yet. Binance used its own corporate funds and the SAFU fund to cover the losses and speed up the recovery process. Binance is also expected to release its fully verified Proof of Reserves on November 3, giving users a clearer picture of how their assets are backed. Once again, hackers have reminded us that no exchange is 100% secure. And if even major exchanges can be compromised, we should be extra careful with our personal wallets. I feel sorry for Binance, both for the financial damage and the massive outflows following the incident. That’s a lot of pressure for any exchange to deal with. But I also think this incident has shown something important: Binance has substantial financial reserves and the ability to respond to a crisis of this scale without passing the losses on to users. Security can fail. What matters is how you respond when it does.

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