What can we learn from the Binance hack and recovery?

Binance has begun restoring access after a $6.3 billion theft, drawing on its own reserves to replace customer assets. Its recovery offers lessons about how exchanges approve transactions, communicate during a crisis and demonstrate that customers can get their money back. Binance put the October 29 hot-wallet theft at approximately $6.3 billion. The exchange reported 95% asset replacement before expanding withdrawals on November 3. Binance’s November 2 reserve verification covered 10 cryptocurrencies using an October 31 snapshot. Approximately $3 billion had been frozen by October 30, according to Binance.