$2,850,000,000 in Crypto Involved in Binance Hack Frozen or Intercepted, Says CEO Richard Teng
The co-CEO of the largest crypto exchange in the world says billions of dollars in crypto are now safeguarded by authorities and private firms following the $6.34 billion Binance hack.
Richard Teng says on X that Binance is taking full responsibility for the hack and has nearly replenished all crypto assets that were drained in the cybersecurity event.
“On 29 October, Binance was the target of one of the most sophisticated attacks the digital asset industry has ever seen. ~$6.34B in assets were impacted. We take full responsibility, and we’re making it right.
No user bears the loss. We set aside more than the full amount required. At this moment, 98% of impacted tokens have been replenished; we’re completing the remaining 2%. Withdrawals have broadly resumed.
This wasn’t one mistake or one breach – it was a months-long campaign. We’re publishing the full report because the lessons go far beyond Binance.”
The Binance executive also provides an update on how authorities and crypto firms are tracking and blocking the movement of the stolen funds.
“~$2.85B has already been frozen or intercepted with law enforcement, issuers and blockchain intelligence firms. The speed of coordination could not be matched in traditional finance.”
Teng adds that deposits into Binance now outpace withdrawals.
“The trend is starting to show more positive inflows, with hourly deposits exceeding withdrawals.”
The DailyHODL previously reported that the FBI attributed the attack to TraderTraitor, North Korea’s elite hacking unit, based on robust on- and off-chain intelligence.
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