#RichardTengSaysBinanceWillCoverAllHackedLosseswithCompanyFunds
Binance CEO Richard Teng has reassured users that the exchange will cover all losses resulting from its recent $6.3 billion security incident.
According to Teng, Binance has allocated more than $6.34 billion to cover the stolen assets. Around $5 billion is already available in the exact affected cryptocurrencies, including BTC, ETH, BNB, USDT and USDC. The remaining amount is being purchased through market and OTC channels.
Teng also clarified that the attack targeted Binance's own hot wallet, not customer funds. Binance is continuing its security investigation and working with industry partners to recover stolen assets.
This is a major commitment, but rebuilding trust will require more than financial compensation. Stronger security, transparent updates and verifiable Proof of Reserves will be crucial.
Do you think Binance can turn this crisis into an opportunity to strengthen user confidence?
#RichardTeng #CryptoSecurity #SAFU🙏 #CryptoNews
