Binance Suspends Transactions After It Is Targeted in Biggest-Ever Cyber Heist

Trump has the anti-Midas touch! 🤣

Most recent thefts of cryptocurrency have been linked to North Korea, one of Trump's favoured authoritarian regimes.

Tether and Circle, along with other crypto firms, managed to freeze about $3 billion of that sum, leaving roughly $3.3 billion under the hackers’ control.

Binance has an emergency reserve called the Secure Asset Fund for Users, or SAFU, set up for cyber incidents like this. As of Thursday, the SAFU held $1.23 billion in bitcoin, blockchain data shows.

The hack, has rattled the overall crypto market, knocking bitcoin’s price. This means the emergency fund is already $100 million lower.

Binance says it will fund the difference from its other company reserves. “Binance will cover all losses from the SAFU fund and company funds,” co-Chief Executive Richard Teng said Friday on X.

And, of course, this resulted in a pissing contest between Binance's CEO, Zhao, and Elon Musk.

This morning, Musk posted a grimacing-face emoji in response to another X user’s post of a screenshot of a tweet by jailed FTX founder Sam Bankman-Fried, whose crypto exchange collapsed in 2022.

Zhao, who is worth over $100 billion, replied to Musk that a stake Binance holds in SpaceX is valued at over $1 billion. Binance invested $500 million in X, then Twitter, back in 2022 as part of Musk’s takeover of the company, which was acquired by SpaceX earlier this year. Zhao is Binance’s biggest shareholder.

“Elon, have a lot of respect for you, but bad time to troll. Please stop,” Zhao posted at Musk.

Also on X, Zhao discussed funding strategies with his romantic partner Yi He, who is Binance’s other co-CEO.

Yi He, with whom Zhao has three children, posted at Zhao that Binance’s annual revenue was sufficient to cover the losses. “We do not yet need to sell the SpaceX shares you are bullish on,” she said, referring to Zhao. Binance last year processed $34 trillion in trades, on which it charges fees.

Zhao responded to Yi that he wasn’t considering selling the SpaceX shares, but was flagging the holding for Musk “so that he can be less worried.”

Do they all seem like a bunch of emotionally stunted pubescent kids? Except, they're playing with $34 trillion, instead of monopoly money. If this isn't a wake up call, to the scam that Crypto currency is, I don't know what is.

My sympathy levels are low on this one.

I have so little sympathy for those who lost money in this its laughable.. Into Crypto.. and with Trump. These people would need to be reminded to breathe..😷

Crypto is a scam. It's hilarious when scammers are scammed. Even Buffet said it is a scam a year or so ago.

Good riddance with all of them. This is a game unfortunately to them.

This attack is thought most likely from North Korea.