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Binance’s $6.3B hack leaves questions over hot wallet safeguards

Publisher
Cointelegraph (News media)
Original
https://cointelegraph.com/news/binances-hack-questions-hot-wallet-risk-controls
Published
First seen
Last captured
Watched for edits
No

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Newest first. The raw hash is the SHA-256 of the stored copy exactly as fetched. We keep the copy privately and publish its hash. The text hash is of the text extracted from it, which is what is compared between captures.

Captured (UTC)Fetched viaHTTPRaw sha256Text sha256Text changed
firecrawl-web08200188a7d4c7b0fa8bb3fa781005db366d1c0036dd5dc60fea37aa419025382cadf4bc9eb637bfc9b2aee37fc4489f30e98585a7f9d835d42558eb7dfa41185bd23No

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Claims quoted from this source

ReportedamountStatement 1759

Jonathan Riss said the $6.3 billion figure represented the cumulative value of assets affected across 10 blockchains.

Riss said the $6.3 billion figure represented the cumulative value of assets affected across 10 blockchains.

Speaker
Jonathan Riss
Publisher
Cointelegraph (News media)
Original
Binance’s $6.3B hack leaves questions over hot wallet safeguards
Captured
Stored copy
sha256 188a7d4c7b0f
Published
ReportedreservesStatement 1765

Idan Ofrat, co-founder and chief product officer at Fireblocks, said exchanges typically keep enough funds in hot wallets to cover a few days of expected withdrawals, often representing a low single-digit percentage of assets under management.

Idan Ofrat, co-founder and chief product officer at Fireblocks, said exchanges typically keep enough funds in hot wallets to cover a few days of expected withdrawals, often representing a low single-digit percentage of assets under management.

Speaker
Idan Ofrat
Publisher
Cointelegraph (News media)
Original
Binance’s $6.3B hack leaves questions over hot wallet safeguards
Captured
Stored copy
sha256 188a7d4c7b0f
Published
ReportedreservesStatement 1767

Alex Tobol, chief technology officer at Walt, said holding billions of dollars in hot wallets is not inherently unusual for an exchange of Binance's size.

Alex Tobol, chief technology officer at Telegram-based crypto wallet Walt, said holding billions of dollars in hot wallets is not inherently unusual for an exchange of Binance’s size.

Speaker
Alex Tobol
Publisher
Cointelegraph (News media)
Original
Binance’s $6.3B hack leaves questions over hot wallet safeguards
Captured
Stored copy
sha256 188a7d4c7b0f
Published
Reportedroot causeStatement 1832

Jonathan Riss said transaction limits enforced by the application requesting a signature can be bypassed if that application is compromised, while limits enforced independently by the signing system may still restrict transfers.

Transaction limits enforced by the application requesting a signature can be bypassed if that application is compromised, Riss said. Limits enforced independently by the signing system may still restrict transfers.

Speaker
Jonathan Riss
Publisher
Cointelegraph (News media)
Original
Binance’s $6.3B hack leaves questions over hot wallet safeguards
Captured
Stored copy
sha256 188a7d4c7b0f
Published