#backednotbroken:richardtengsaysusersbearnoloss 🚨 BACKED, NOT BROKEN: RICHARD TENG SAYS BINANCE USERS WON'T BEAR THE LOSSES
Binance co-CEO Richard Teng has delivered a major update following the reported $6.3 billion security incident.
In a statement on X on October 31, Teng confirmed that Binance had replenished approximately 90% of the affected assets and committed to covering the remaining 10%.
His message was clear: Users will not bear the financial impact of this incident.
🔍 THE LATEST RECOVERY UPDATE
• Reported incident value: Approximately $6.3 billion.
• Asset replenishment: 90% completed.
• Remaining 10%: Less-liquid tokens still being sourced through market and OTC channels.
• Ten tokens now have 100% reserve backing: $BTC, $ETH, $USDT, $BNB, $SOL, $USDC, $XRP, $USD1, $RLUSD and $ZEC.
• Funding sources: Corporate Treasury, SAFU Fund and Futures Insurance Fund.
📊 PROOF OF RESERVES: WHAT'S NEXT?
Binance has published an updated reserve snapshot dated October 31.
The next important milestone is the publication of the complete Proof of Reserves verification, allowing users to independently check their eligible asset backing.
💭 MY TAKE
This is a significant test of Binance's financial resilience and risk management.
The decision to absorb the financial impact rather than pass the losses to users is an important development.
However, confidence must be supported by independent verification, complete asset replenishment and stronger security infrastructure.
The big question: Does this recovery change your confidence in Binance, or do you still have concerns about exchange security?
Share your opinion below!
$BNB | $BTC | $ETH
#Binance #RichardTeng #SAFU #BackedNotBroken #CryptoSecurity #ProofOfReserves
Binance co-CEO Richard Teng has delivered a major update following the reported $6.3 billion security incident.
In a statement on X on October 31, Teng confirmed that Binance had replenished approximately 90% of the affected assets and committed to covering the remaining 10%.
His message was clear: Users will not bear the financial impact of this incident.
🔍 THE LATEST RECOVERY UPDATE
• Reported incident value: Approximately $6.3 billion.
• Asset replenishment: 90% completed.
• Remaining 10%: Less-liquid tokens still being sourced through market and OTC channels.
• Ten tokens now have 100% reserve backing: $BTC, $ETH, $USDT, $BNB, $SOL, $USDC, $XRP, $USD1, $RLUSD and $ZEC.
• Funding sources: Corporate Treasury, SAFU Fund and Futures Insurance Fund.
📊 PROOF OF RESERVES: WHAT'S NEXT?
Binance has published an updated reserve snapshot dated October 31.
The next important milestone is the publication of the complete Proof of Reserves verification, allowing users to independently check their eligible asset backing.
💭 MY TAKE
This is a significant test of Binance's financial resilience and risk management.
The decision to absorb the financial impact rather than pass the losses to users is an important development.
However, confidence must be supported by independent verification, complete asset replenishment and stronger security infrastructure.
The big question: Does this recovery change your confidence in Binance, or do you still have concerns about exchange security?
Share your opinion below!
$BNB | $BTC | $ETH
#Binance #RichardTeng #SAFU #BackedNotBroken #CryptoSecurity #ProofOfReserves
