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Money Moves

Binance Hack: 'User Funds Are Safe.' Withdrawals Suspended

· updated · Satire

Newsbun graphic: a drawn vault door. "User funds are safe" is Binance's statement; $6.3 billion is Binance's own estimate; $2.3 billion frozen is…
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The Take

Binance says user funds are safe. But it has suspended deposits and withdrawals, so nobody can take them out. Binance itself puts the damage at about $6.3 billion. Tether and Circle say they froze more than $2.3 billion. By the next morning, Bitcoin was below $78,000.

The Wire

Crypto exchange Binance suspended deposits and withdrawals after a security breach it estimates at about $6.3 billion, Business Today reported, and Bitcoin fell below $78,000. Binance said user funds are safe.

Why it matters

One of the world's biggest crypto exchanges froze customers out while telling them their money is safe.

The receipts

Source: Business Today

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newsbun is satire on real news. The Take is the joke; The Wire and the receipts are the facts. Words and pictures are made with AI help and labelled. About · Corrections · Privacy