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
Footnotes
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.