Binance Response: Stolen Funds Came from Its Own Hot Wallet; Customer Assets Unaffected

TechFlow reported on October 30 that, as relayed by journalist Eleanor Terrett (@EleanorTerrett) on X on October 30, a Binance spokesperson said customer funds were unaffected and the stolen funds came from the exchange's own hot wallet, addressing speculation that Binance had been hacked and suffered losses of approximately $6 billion. Binance stated that most customer funds are held in cold wallets and are moved to hot wallets only when users withdraw. The spokesperson added that the company's routine operating earnings are largely held in crypto assets and reinvested, enabling it to immediately absorb this loss with its own funds.

Source: TechFlow