Binance Confirms $6.3B Taken From Hot Wallets, Sets Aside Over $6.34B

Binance confirmed a roughly $6.3B hot-wallet loss, a severe trust and liquidity shock for crypto. Although the exchange says users are covered and about $3B is frozen, withdrawals remain paused. The risk is a migration to self-custody or rival venues, potentially draining liquidity. Near-term sentiment is fragile, with BTC most exposed until withdrawal normalization and security clarity restore confidence.