🛡️ Binance Security Incident Update: A Commitment to Transparency
Binance Co-CEOs Yi He and Richard Teng have addressed the recent security incident with full accountability. Here are the key takeaways from their official statement:
1. Immediate Absorption of Losses (SAFU)
Binance, not our users, will absorb the full financial impact.
* Fund Status: Over $6.34 Billion has been set aside.
* Source: All stolen funds are being covered through the Secure Asset Fund for Users (SAFU) and the corporate treasury.
* Progress: Approximately $5 billion of this loss is already held in the exact tokens stolen, including USDC, USDT, BTC, ETH, and BNB.
2. Current Recovery Status
About 80% of the lost funds are already covered.
* Binance is actively buying the remaining tokens through market and over-the-counter (OTC) channels to ensure 100% replacement.
3. What Binance Has Done So Far
* Security Lockdown: Contained compromised infrastructure, revoked authorizations, and added new controls.
* Asset Freeze: About $3 Billion frozen on-chain through coordinated efforts with law enforcement and industry partners.
* Enhanced Checks: Security checks have been strengthened exchange-wide.
* Investigation: Mapping the full attack sequence with internal and external experts. Technical findings to be shared soon.
4. Timeline for Users
* 🚀 Withdrawals: Planned resumption of withdrawals, in phases, to begin within 34 hours of the initial statement (Oct 30), once security checks are complete.
* 📊 Proof of Reserves: Initial Proof of Reserves snapshot within 12 hours, with results by Monday, November 2. This allows users to verify their balances.
The Promise
"We take full responsibility for addressing this security incident, strengthening our security infrastructure, and ensuring our users are protected," the Co-CEOs stated.
A comprehensive post-mortem report will be published soon.
#Binance #SecurityUpdate #CryptoSafety #SAFU #ProofOfReserves #bitcoin #Ethereum #BNB $BTC
$BNB
$ETH
Binance Co-CEOs Yi He and Richard Teng have addressed the recent security incident with full accountability. Here are the key takeaways from their official statement:
1. Immediate Absorption of Losses (SAFU)
Binance, not our users, will absorb the full financial impact.
* Fund Status: Over $6.34 Billion has been set aside.
* Source: All stolen funds are being covered through the Secure Asset Fund for Users (SAFU) and the corporate treasury.
* Progress: Approximately $5 billion of this loss is already held in the exact tokens stolen, including USDC, USDT, BTC, ETH, and BNB.
2. Current Recovery Status
About 80% of the lost funds are already covered.
* Binance is actively buying the remaining tokens through market and over-the-counter (OTC) channels to ensure 100% replacement.
3. What Binance Has Done So Far
* Security Lockdown: Contained compromised infrastructure, revoked authorizations, and added new controls.
* Asset Freeze: About $3 Billion frozen on-chain through coordinated efforts with law enforcement and industry partners.
* Enhanced Checks: Security checks have been strengthened exchange-wide.
* Investigation: Mapping the full attack sequence with internal and external experts. Technical findings to be shared soon.
4. Timeline for Users
* 🚀 Withdrawals: Planned resumption of withdrawals, in phases, to begin within 34 hours of the initial statement (Oct 30), once security checks are complete.
* 📊 Proof of Reserves: Initial Proof of Reserves snapshot within 12 hours, with results by Monday, November 2. This allows users to verify their balances.
The Promise
"We take full responsibility for addressing this security incident, strengthening our security infrastructure, and ensuring our users are protected," the Co-CEOs stated.
A comprehensive post-mortem report will be published soon.
#Binance #SecurityUpdate #CryptoSafety #SAFU #ProofOfReserves #bitcoin #Ethereum #BNB $BTC
$BNB
$ETH
