Proof of Work: Binance gets hacked

Quick Take

  • Binance, one of the largest crypto exchanges by volume, suffered a massive hack this week
  • The hack was the sixth-largest in crypto history, with around 7,000 bitcoins ($41 million) stolen
  • The exchange has said its SAFU insurance fund will cover its losses and that user funds won’t be affected
The following newsletter is republished with permission from Eric Meltzer of Primitive Ventures, a global venture investment firm with a focus on blockchain and related technologies. You can follow Eric on Twitter at @wheatpond and subscribe here to Proof of Work.