Binance replenishes 98% of tokens hit by $6.34B hack, co-CEO Richard Teng says
Binance co-CEO Richard Teng said the exchange has replenished 98% of the tokens affected by a $6.34 billion hack, emphasizing that Binance is absorbing the entire financial loss and user funds remain protected.
Binance co-CEO Richard Teng announced that 98% of tokens impacted by a $6.34 billion exploit have been replenished, with the remaining 2% currently being sourced. In media appearances addressing the incident, Teng affirmed that Binance is covering the full financial impact of the breach so that users will not face any losses.[3][2][1]
Speaking to Fox Business, Teng said the restored assets are verifiable on Binance's Proof of Reserves, enabling users to independently check the status of their funds. Teng stated that the platform is operating and protecting every customer, expressing gratitude for user confidence and trust.[2]
During an appearance on CNBC, where a broadcast chyron highlighted his comment that artificial intelligence has changed the economics of cyberattacks, Teng reported that withdrawals have resumed and trading activity on the exchange has returned to normal.[1]
Key facts
- Binance co-CEO Richard Teng said 98% of tokens impacted by a $6.34 billion hack have been replenished, with the remaining 2% being sourced.
- Teng stated that Binance is absorbing the entire financial impact itself and users will not bear any losses.
- The token replenishment can be verified through Binance's Proof of Reserves, according to Teng.
- Withdrawals have resumed and operations have returned to normal following the hack.
- A CNBC broadcast chyron showed Teng warning that AI has altered the economics of attacking systems.
Sources · 3 sources
- TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
Richard Teng was on CNBC talking about the Binance hack In short… Binance is covering the full financial impact, with 98% of affected tokens already replenished and the remaining 2% being sourced. Withdrawals have resumed and Teng says activity is back to normal. He also made a good point about proof of reserves. It's one thing to tell users their funds are safe. It's another to let them verify it themselves. I think how Binance has handled the aftermath has been transparent and reassuring.
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨BINANCE CO-CEO: USERS WILL NOT BEAR ANY LOSSES FROM $6.3B HACK! @_RichardTeng told Fox Business that @binance is fully protecting users and has already restored 98% of the affected tokens, verifiable on its Proof of Reserves. “We now are operating, we are protecting every user, and we are extremely thankful for our users’ confidence and trust.” Binance is absorbing the financial impact itself. User funds remain safe.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 UPDATE: Binance co-CEO Richard Teng says 98% of tokens impacted by the $6.34B hack have been replenished. https://t.co/SgjKvh6maP
Open source