Binance $6.3B Hot Wallet Hack Shakes Exchange Trust
Trading communities are in uproar over reports that $6.3B was stolen from Binance's hot wallet—allegedly the largest hack in crypto history. Tether and Circle have frozen over $300M in related funds, while Binance claims it will cover losses from its own reserves. However, suspicions of an inside job are spreading as details don't add up: cross-chain transactions completed in 20 minutes, suspicious laptop access patterns, and other inconsistencies.
Exchange trust is cracking, driving momentum toward self-custody and DEX migrations as traders move assets off centralized platforms.