ceorichardteng

Binance CEO Richard Teng has assured users that the exchange will fully compensate losses resulting from its recent security breach, using company-owned funds rather than customer assets.
According to Teng, Binance has allocated approximately $6.34 billion to address the incident, with nearly $5 billion worth of affected tokens already secured. The exchange is purchasing the remaining tokens through market transactions and over-the-counter (OTC) deals.He also revealed that Binance is making progress in recovering stolen assets, offering some hope to affected users.Customer Assets Remain Safe
Addressing concerns about the safety of user funds, Teng clarified that the incident involved Binance's own hot wallet and did not impact customer balances.He explained that Binance keeps the majority of customer holdings in cold storage, while hot wallets are primarily used to process withdrawals. Users have also been advised to review their account balances and reach out to customer support if they notice anything unusual.Teng described the incident as a sophisticated attack involving multiple security vulnerabilities. Initial investigations identified a compromised laptop, while further analysis revealed additional points of entry.
The attackers reportedly exploited ethureum EIP-7702 functionality, which allows wallets to delegate certain execution permissions to smart contracts.According to Teng, this activity bypassed Binance's standard security approval procedures, forcing the exchange to temporarily suspend withdrawals while its infrastructure undergoes a complete review.The attackers also allegedly used a self-destruct mechanism to erase tools and traces, making the investigation more complicated.
Binance is now coordinating with law enforcement agencies, blockchain analytics companies, token projects and other cryptocurrency exchanges to track the stolen funds.
The company says approximately $3 billion in assets has already been frozen through cooperation with industry partners.
Withdrawal Services Could Return Before Sunday Binance is currently rebuilding and testing its withdrawal infrastructure. Teng stated that the company is aiming to restore withdrawal services before Sunday's deadline.He expressed optimism that users could regain withdrawal access within the next 40 hours, although services will only resume after the necessary security checks are successfully completed.A broader security assessment is also underway, covering endpoint protection, cloud infrastructure, private key management and transaction signing systems.Proof of Reserves Report Expected Monday
Binance plans to publish an updated Proof of Reserves report by Monday after completing the remaining token purchases.The report will provide verification of customer assets and help users assess the exchange's financial position following the incident. An initial update could also become available earlier.
Binance Promises Stronger Security and Full Accountability.Concluding his remarks, Richard Teng thanked users, security partners and law enforcement agencies for their continued cooperation and patience.He reiterated that Binance remains committed to protecting customer funds, recovering stolen assets and holding those responsible for the attack accountable.Despite the incident, Binance says it remains confident in the long-term future of the cryptocurrency industry. $BNB $ETH
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