Richard Teng dropped a video on Twitter and his words make complete sense to me.

He said straight up that only Binance’s own hot wallet got affected. Customer funds were never touched. The vast majority of user money sits in cold wallets and stayed safe the whole time.

He made it clear they are covering every single loss with company funds. Over 6.4 Billion already reserved and 5 Billion of that is already sitting in the exact same tokens that got hit.

Withdrawals are on track to start again within about 40 hours and a full proof of reserves report is coming on Monday so people can verify everything themselves.

This is not damage control. This is a strong exchange owning the problem and protecting its users without any games.

I honestly think Binance just showed why it stays number one even after a massive hit. Most platforms would still be making excuses right now.

What do you think about this? Don't forget to comment 💭

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