Skeptic's lens: Binance suffered the sixth-largest hack in history but it will take less than 2 months to earn it back

Quick Take

  • Binance, the largest cryptocurrency exchange in terms of volume, suffered the sixth largest hack in history, in which $41.2 million was stolen
  • Binance’s security system was bypassed by structuring the transaction in a way that didn’t trigger any safeguards
  • Considering that Binance brought in $78 million in profits in Q1, it will take approximately 47 days for Binance to make up what it lost in the hack
  • The all-time total of funds stolen from exchanges surpassed $1.35 billion with the Binance hack
Binance, the largest cryptocurrency exchange in terms of volume, was hacked for the first time yesterday to the tune of $41.2 million stolen. Approximately 7,070 BTC was moved from Binance’s hot wallet at 5:17pm UTC in a single transaction. Shortly after the transaction took place, industry participants started speculating that it could have been a […]

This report is for Research Members

Join The Block Research for exclusive research like this

Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.

Learn More Already a Research Member? Sign In

Related Reading