Binance Co-CEO Says Firm in Very Strong Financial Health
Binance said 95% of affected tokens have been replenished after the heist, and customer withdrawals of $4.72 billion have largely normalized.
- On Tuesday, Binance co-CEO Richard Teng announced hourly inflows and outflows have "pretty much normalised" following last week's $6.3 billion cyber heist, asserting the exchange remains in "very strong financial health."
- Hackers drained about $6.3 billion from Binance wallets on Thursday, with blockchain records showing the theft unfolded in about 20 minutes across 10 blockchains using Tether's USDT stablecoin.
- Binance replenished 95% of stolen crypto using company funds and the $1 billion Secure Asset Fund for Users, known as SAFU, while working to restore the remaining 5% of less liquid tokens.
- Customers withdrew a net $4.72 billion as of Monday, representing about 3% of platform assets, a figure analysts suggest indicates customer confidence has largely held up despite the breach.
- The FBI blamed the theft on the North Korean unit TraderTraitor, though North Korea rejected the allegations as "absurd rhetoric"; meanwhile, Tether, Circle, and Ripple have frozen around $2.85 billion of the stolen funds.
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Binance claims to have returned 95% of the $6.3 billion stolen and ensures that customers will not lose anything. Portuguese who keep balances there depend on this promise, because the platform has no permission to operate in Portugal
Binance Finance: Internet Heists and TraderTraitor
Most computer whizzes and hacktivists are not as interesting as they make themselves out to be. Before they decided to make money and abandon any pretext to a sound philosophy about civic duty, they at least had the merit of being a useful counterpoint to state secrecy and paranoid officialdom. The focus now is on [...]
Binance's Teng says exchange is healthy after $6.3B hack
Speaking in Hong Kong, Binance co-CEO Richard Teng said the exchange was in a strong financial position. He said it had replaced 95% of the roughly $6.3 billion stolen in last week’s hack, the largest on record. Teng also reassured users that their funds were safe. Teng at Hong Kong Fintech Week Teng made the...
Binance Says Withdrawals Have Normalized After $6.3 Billion Crypto Hack
Binance co-CEO Richard Teng said customer withdrawals have largely returned to normal following the exchange's $6.3 billion cryptocurrency theft, as North Korea rejected allegations from the FBI that its state-backed hackers carried out the attack. The exchange has replenished approximately 95% of the affected assets, although cumulative net outflows reached $5.28 billion by early Tuesday. Speaking at Hong Kong Fintech Week on November 3, Teng d…
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