Binance Co-CEO: Binance’s Financial Position Is “Very Solid”
Binance co-CEO Richard Teng said at an event during Hong Kong FinTech Week on Tuesday that Binance’s financial position is “very solid.” Inflows and outflows on the platform have largely returned to normal, 95% of affected tokens have been replenished, and the remaining 5% are mainly less liquid tokens. Binance is working with over-the-counter trading providers to restore the relevant assets.
Teng said the losses were covered by the Secure Asset Fund for Users (SAFU) and other funds set aside by the company, ensuring that users’ funds remain safe. As of Monday, Binance customers had recorded cumulative net outflows of about $4.72 billion, or roughly 3% of the platform’s assets, most of which was in USDT. He said: “This has been a painful lesson, and we take responsibility for it. We will come back stronger.”
The U.S. Federal Bureau of Investigation (FBI) previously attributed the incident to North Korea, which has denied the allegations. $BNB
Binance co-CEO Richard Teng said at an event during Hong Kong FinTech Week on Tuesday that Binance’s financial position is “very solid.” Inflows and outflows on the platform have largely returned to normal, 95% of affected tokens have been replenished, and the remaining 5% are mainly less liquid tokens. Binance is working with over-the-counter trading providers to restore the relevant assets.
Teng said the losses were covered by the Secure Asset Fund for Users (SAFU) and other funds set aside by the company, ensuring that users’ funds remain safe. As of Monday, Binance customers had recorded cumulative net outflows of about $4.72 billion, or roughly 3% of the platform’s assets, most of which was in USDT. He said: “This has been a painful lesson, and we take responsibility for it. We will come back stronger.”
The U.S. Federal Bureau of Investigation (FBI) previously attributed the incident to North Korea, which has denied the allegations. $BNB