BUSINESS TIMES SG · 2026-11-08 23:00 UTC

Lessons for investors from the Binance hack

The article refers to a reported US$6.3 billion Binance hack, described as crypto's biggest heist, and says Binance, which is not licensed in Singapore, has promised to cover all losses. Customer recovery depends on whether assets are held on trust; without a trust, customers are generally unsecured creditors, as in the 2024 WazirX case where users recovered about 85.5 per cent. Recovery of stolen crypto may rely on token issuers such as Tether and Circle, which froze over US$2.3 billion of their tokens, and on police cooperation if North Korean hackers are responsible.

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