Binance Estimates Hot-Wallet Attack Impact at $6.3 Billion

Binance estimated that an attack on one of its hot wallets caused about $6.3 billion in impact, after the exchange said about $3 billion in affected assets had been frozen on-chain. Binance placed the attack at about 4:05 p.m. ET (20:05 UTC) Thursday, Oct. 29. It said it had prepared more than $6.34 billion in company funds to cover losses; that figure does not establish the incident’s final net loss. Binance co-CEOs He Yi and Richard Teng said, “Binance will bear the financial losses from this asset theft—not our users.” During sessions dated Oct. 26-29, U.S.