Crypto Customers Pull $3.6bn From Binance After a Record Hack; Perth Gran Says Her Biscuit Tin Has Never Been Hacked, Only Raided by Grandchildren

By our Personal Finance Correspondent

Customers have withdrawn about $3.6bn from the crypto exchange Binance after a record-breaking hack, although the company says the outflows are stabilising and that it will reimburse customers for their losses.

In Perth, where most people still regard online banking as “a bit much”, the story has confirmed some long-held beliefs.

“I keep my money in a Quality Street tin in the wardrobe,” said a Craigie grandmother. “It’s never been hacked. It’s been raided by the grandchildren, twice, but they left an IOU. That’s more than you’ll get from a computer.”

A Scone man said his son had tried to explain cryptocurrency to him at Sunday lunch. “He talked for 40 minutes,” he said. “By the end, I still didn’t know what it was, but I knew I didn’t want any. I asked him if you could buy a pint with it. He said, ‘Not exactly.’ Well, then.”

Financial experts say that crypto is a risky investment and that people should only invest what they can afford to lose. Perth savers say that describes the bookies on a Saturday, and that at least the bookies give you a wee pen.

The Perthetic reminds readers that the safest place to keep your money is somewhere sensible, and that the second safest is anywhere your husband won’t think to look.

The real story: Binance hack withdrawals (BBC News)