Binance was hacked on October 29, with approximately $6.3 billion stolen, of which about $3 billion has been frozen. Binance has pledged to cover all losses using company funds. However, cybersecurity experts point out that crypto assets lack legal protections similar to the U.S. Federal Deposit Insurance Corporation (FDIC), and exchange compensation depends on their willingness and financial capacity. Preliminary investigations indicate that the attackers manipulated the withdrawal approval system rather than compromising private keys.