Binance’s Swift Action Recovers $6.1 Million from KiloEx Hack

Under the leadership of CEO Richard Teng, Binance has demonstrated its commitment to security by recovering $6.1 million in cryptocurrencies stolen during the KiloEx hack. The decentralized exchange (DEX) initially suffered losses of approximately $7.5 million across various digital assets. Binance’s security team acted swiftly upon detecting the exploit, collaborating closely with KiloEx to trace and block the stolen funds. This proactive response underscores Binance’s dedication to safeguarding the crypto ecosystem and its users.

KiloEx Hack: Binance Helped Recover $6.1 Million In Lost Funds

Binance, under CEO Richard Teng’s leadership, has successfully recovered $6.1 million in cryptocurrencies stolen during the KiloEx hack. The decentralized exchange (DEX) initially lost approximately $7.5 million across various digital assets. Binance’s security team acted swiftly upon detecting the exploit, collaborating closely with KiloEx to trace and block the stolen funds.

The exchange’s proactive response highlights its growing role in mitigating crypto-related security breaches. While the recovery process remains ongoing, Binance’s efforts have already restored a significant portion of the lost assets. This incident underscores the importance of centralized exchanges in providing security support to decentralized platforms.

Eric Trump Announces World Liberty’s Stablecoin to Fund MGX’s $2B Binance Investment

MGX, a UAE-based investment firm, plans to utilize World Liberty Financial’s stablecoin, USD1, to execute its $2 billion commitment to Binance. Eric Trump, executive vice president of the Trump Organization, revealed the move during a panel discussion at Token2049 Dubai. USD1, a stablecoin reportedly linked to former U.S. President Donald Trump, will serve as the primary vehicle for this high-profile investment.

The announcement underscores growing institutional interest in cryptocurrency platforms, with Binance positioned as a key beneficiary. The involvement of high-profile figures like Eric Trump and TRON founder Justin Sun adds a layer of political and entrepreneurial intrigue to the deal.