I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.
@molly0xfff@hachyderm.io oof. I never thought about it, but that last part hit me. Deposit huge sums of fake value , then take loans against that in real money. Of course they do this. Especially with stolen points of fake value