Binance Still Hasn't Disclosed Hot Wallet Asset Share 8 Days After $6.3 Billion Hack
Summary
- Binance has drawn criticism for failing to disclose the size of assets held in hot wallets even eight days after a $6.3 billion hack.
- Binance has yet to reveal how much of its total assets was stored in hot wallets at the time of the hack.
- As Coinbase, Gate and Upbit move to disclose their cold wallet storage ratios, the incident is fueling debate over whether exchanges should be required to disclose hot wallet and cold wallet asset storage ratios.
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Binance, the global cryptocurrency exchange, has come under criticism for still not disclosing the size of assets it held in hot wallets eight days after a $6.3 billion hack.
Cointelegraph reported on November 6 that Binance has yet to reveal how much of its total assets was stored in hot wallets at the time of the breach.
Other cryptocurrency exchanges, including Coinbase, Gate and Upbit, are meanwhile moving to disclose the proportion of assets held in cold wallets.
A hot wallet is a cryptocurrency wallet connected to the internet. A cold wallet stores assets in an environment separated from the internet.
The incident has sparked debate over whether cryptocurrency exchanges should be required to disclose the share of assets they keep in hot wallets and cold wallets.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.