Binance was hacked and lost $40.7 million dollars yesterday and this sent shockwaves through the Cryptocurrency community. Binance said it would cover the losses with a fund that was dedicated specifically for this purpose so no customer funds were lost. The money lost is not the most important thing however, as Binance covered that, but the loss of confidence resulting in more scrutiny from regulators may be the far worse consequence as it may delay things like the Bitcoin ETF from coming about.
