My read on Binance asset controls in this report (hat tip for sharing the details). Please correct me if wrong: 1. MPC was reportedly used to split keys; that is not where the failure happened. 2. Independent signers inside and outside the firm is where it failed: the compromised laptop of Engineer A acted as a single authorized signer against the wallet service. 3. Keeping >80% of assets in cold storage vs. online is unclear, but the overall hack was less than 3% of Binance’s latest reported AUM of $171B. 4. Hard transfer limits on hot wallets are not evidenced here and may have failed given the large-scale transfer, including hourly caps, allow-listed wallets, and committee sign-off on large transactions. Curious to hear others’ reads on this report.