Binance Hack - $6.3bn
Discussion
If you think you're having a bad day, try being the engineer who's laptop led to this.
https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
The Ferret said:
If you think you're having a bad day, try being the engineer who's laptop led to this.
https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
whos covering it? an insurance company / companies - are we sure they can? they might struggle? this might have major knock effects across a lot of markets....https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
k ‘em.rider73 said:
whos covering it? an insurance company / companies - are we sure they can? they might struggle? this might have major knock effects across a lot of markets....
It's less than a year's profit so they can self cover if needs be which they will so as to protect their business. Not sure what the general knock on effects would be. It could drive more business to them from smaller exchanges who couldn't self cover as this event reveals to wider crypto users that capital is 100% at risk.
It probably benefits the drive to issue government backed stable coins which helps the U.S. Treasury et al.
Not entirely sure it really means anything too much as customers won't lose anything so will probably carry on as before.
What it does or at least should do, is remind all businesses that the weakest security link is most often one's employees, whether accidental or deliberate.
rider73 said:
The Ferret said:
If you think you're having a bad day, try being the engineer who's laptop led to this.
https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
whos covering it? an insurance company / companies - are we sure they can? they might struggle? this might have major knock effects across a lot of markets....https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
rider73 said:
The Ferret said:
If you think you're having a bad day, try being the engineer who's laptop led to this.
https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
whos covering it? an insurance company / companies - are we sure they can? they might struggle? this might have major knock effects across a lot of markets....https://www.bbc.co.uk/news/articles/cwg7xp8kx4v5o
The firm says customers money is safe, and they are covering every loss.
$6.3 billion
No one.
That's the point of being unregulated. You don't have an evil government telling you to cover yourself against risk because nothing bad could ever possibly happen.
Ultimately the the customer that'll have to wear it. Not that many would raise insurance claims if they could because they don't want to admit why they're keeping money in crypto or how much it is or where they got the money from in the first place.
Binance ADGM entities are regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Markets (ADGM) as follows: (1) Nest Exchange Limited is recognised as a Recognised Investment Exchange (Derivatives), with a stipulation to Operate a Multilateral Trading Facility; (2) Nest Clearing and Custody Limited is recognised as a Recognised Clearing House, with a stipulation to Provide Custody and operating a Central Securities Depository; (3) Nest Trading Limited is authorised to carry out the following Regulated Activities: (i) Dealing in Investments as Principal; (ii) Dealing in Investments as Agent; (iii) Arranging Deals in Investments; (iv) Managing Assets; (v) Providing Money Services; and (vi) Arranging Custody.
Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. Neither the firm nor investments in cryptoassets are regulated by the UK Financial Conduct Authority, nor covered by the UK Financial Ombudsman Service or subject to protection under the UK Financial Services Compensation Scheme.
Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. Neither the firm nor investments in cryptoassets are regulated by the UK Financial Conduct Authority, nor covered by the UK Financial Ombudsman Service or subject to protection under the UK Financial Services Compensation Scheme.
vikingaero said:
Binance ADGM entities are regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Markets (ADGM) as follows: (1) Nest Exchange Limited is recognised as a Recognised Investment Exchange (Derivatives), with a stipulation to Operate a Multilateral Trading Facility; (2) Nest Clearing and Custody Limited is recognised as a Recognised Clearing House, with a stipulation to Provide Custody and operating a Central Securities Depository; (3) Nest Trading Limited is authorised to carry out the following Regulated Activities: (i) Dealing in Investments as Principal; (ii) Dealing in Investments as Agent; (iii) Arranging Deals in Investments; (iv) Managing Assets; (v) Providing Money Services; and (vi) Arranging Custody.
Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. Neither the firm nor investments in cryptoassets are regulated by the UK Financial Conduct Authority, nor covered by the UK Financial Ombudsman Service or subject to protection under the UK Financial Services Compensation Scheme.
Nest Trading is nothing at all to do with physical crypto. It's the arm used for the gambling side using regulated instruments. Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. Neither the firm nor investments in cryptoassets are regulated by the UK Financial Conduct Authority, nor covered by the UK Financial Ombudsman Service or subject to protection under the UK Financial Services Compensation Scheme.
That said, there is even a reason why Nest uses a regulator in Abu Dhabi instead of a proper one.
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