On November 3, Binance co-CEO Richard Teng said at a fintech event that Binance’s “financial position is very healthy” and that “we can absorb this loss.”
He shared several concrete figures. About 95% of the stolen crypto has been replenished. The remaining roughly 5% consists of low-volume tokens, which Binance is gradually buying back through over-the-counter block trades. The losses are being covered by the Secure Asset Fund for Users (SAFU) and the company’s own funds; users’ assets are safe. Hourly deposits and withdrawals have also “largely returned to normal.”
According to data from Binance cited by Reuters, as of November 2, users’ net withdrawals amounted to only about 3% of the platform’s total assets. The vast majority chose to keep their crypto on Binance.
Teng also did not shy away from the issue: “This was a painful lesson, and we take responsibility.” He said a detailed postmortem report would be published after the investigation and verification were complete, and that Binance would emerge stronger from the incident.
For ordinary users, two things matter most. First, starting at 12:00 on November 3 (UTC+8), phase two of withdrawals will open in batches, with more assets and networks—including $BTC and $ETH —gradually becoming available. Second, don’t trust anyone who messages you privately claiming they can “expedite withdrawals” or help you “claim compensation.” Rely on official Binance announcements.
#币安 #BTC #SAFU does not constitute investment advice
He shared several concrete figures. About 95% of the stolen crypto has been replenished. The remaining roughly 5% consists of low-volume tokens, which Binance is gradually buying back through over-the-counter block trades. The losses are being covered by the Secure Asset Fund for Users (SAFU) and the company’s own funds; users’ assets are safe. Hourly deposits and withdrawals have also “largely returned to normal.”
According to data from Binance cited by Reuters, as of November 2, users’ net withdrawals amounted to only about 3% of the platform’s total assets. The vast majority chose to keep their crypto on Binance.
Teng also did not shy away from the issue: “This was a painful lesson, and we take responsibility.” He said a detailed postmortem report would be published after the investigation and verification were complete, and that Binance would emerge stronger from the incident.
For ordinary users, two things matter most. First, starting at 12:00 on November 3 (UTC+8), phase two of withdrawals will open in batches, with more assets and networks—including $BTC and $ETH —gradually becoming available. Second, don’t trust anyone who messages you privately claiming they can “expedite withdrawals” or help you “claim compensation.” Rely on official Binance announcements.
#币安 #BTC #SAFU does not constitute investment advice
