[Binance Responds to Fund Security Concerns: Most Customer Funds Stored in Cold Wallets, Stolen Assets Originated from Company Hot Wallet] BlockBeats reported on October 30th that crypto journalist Eleanor Terrett stated that in response to questions about why Binance still claims user funds are safe after the alleged $6 billion hack, a Binance spokesperson stated that customer funds were unaffected, and the stolen funds originated from one of the exchange's own hot wallets. Binance claims that most customer funds are stored in cold wallets and are only transferred to hot wallets when users withdraw funds. The spokesperson stated that Binance holds a significant portion of its daily operating income in the form of crypto assets, and the company retains a substantial portion of these funds and reinvests them in its business and security, because it believes in the long-term value of crypto assets and the industry. He stated, "This is precisely why we were able to immediately absorb such a large loss with our own funds." [Original Link]