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crypto researcher & critic, software engineer, wikipedian • @web3isgreat creator • newsletter: https://www.citationneeded.news/
she/her • :QueerCat_Bisexual:
Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds). Some was frozen, but Binance is not likely to recover even half.
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
![Tweet by Binance @binance Oct 30 Binance has begun [begun highlight] recovering [end highlight] affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through company funds in the prior announcement. [begin highlight] Binance has already reserved over $6.34B of company funds to cover this incident. [end highlight] $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can. These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be ve](https://media.hachyderm.io/media_attachments/files/117/541/984/429/284/706/original/9ac9ff3196abe39f.png)
In July 2024, I reported that Coinbase appeared to be violating campaign finance law by making contributions while holding federal contracts. I filed an FEC complaint alongside Public Citizen. The FEC hasn’t acted. Since, Coinbase has given $60M more and landed another federal contract.
https://www.washingtonsun.com/influence/coinbase-marshal-service-contract-political-contributions
The Washington Sun
Coinbase Scored Another Federal Contract. Does That Make Its Campaign Contributions Illegal?
Since 2024, the FEC has failed to rule on a complaint against Coinbase, which says it’s done nothing wrong.
Updated: Binance estimates its losses at ~$3B+, making this the largest exploit in crypto history — twice the size of 2025’s Bybit hack, now in second place. Binance blames a compromised devops laptop.
North Korea, also behind Bybit, is the suspected culprit.
Binance founder Changpeng Zhao, who is legally not allowed to have any managerial role with the company yet still has remarkable amounts of inside knowledge into its goings on, has tweeted that Tether and Circle have frozen around $1.8B
(he's just a shareholder, you see)
Tether starting to freeze assets
It looks like Binance is getting drained right now, across multiple hot wallets, for $2B and counting.
Pretty normal for exchanges to migrate wallets, NOT normal for them to then swap to Tether and dump
government transparency is going just great
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