#RichardTengSaysBinanceWillCoverAllHackedLosseswithCompanyFunds
🏦 Teng: Binance Absorbs the $6.3B Hit, Not Users
📅 In an Oct 30 video, co-CEO Richard Teng said all hacked losses will be covered with company funds
💰 Over $6.34B reserved, about $5B already held in the exact tokens taken
🔍 The attack hit Binance's own hot wallet; Teng says most user assets sit in cold wallets
📊 Teng said Binance keeps much of its operating earnings in crypto, which lets it absorb a loss this size
⚠️ About $3B of stolen funds frozen with partners
📅 Withdrawals targeted by Sunday, full proof of reserves by Monday
What it means for crypto: a fully funded payout limits contagion, but trust returns only once withdrawals and reserves check out.
Should exchanges hold their profits in crypto for moments like this? 👇
$BNB $BTC $ETH
#CryptoNews #Binance #RichardTengSaysBinanceWillCoverAllHackedLosseswithCompanyFunds
🏦 Teng: Binance Absorbs the $6.3B Hit, Not Users
📅 In an Oct 30 video, co-CEO Richard Teng said all hacked losses will be covered with company funds
💰 Over $6.34B reserved, about $5B already held in the exact tokens taken
🔍 The attack hit Binance's own hot wallet; Teng says most user assets sit in cold wallets
📊 Teng said Binance keeps much of its operating earnings in crypto, which lets it absorb a loss this size
⚠️ About $3B of stolen funds frozen with partners
📅 Withdrawals targeted by Sunday, full proof of reserves by Monday
What it means for crypto: a fully funded payout limits contagion, but trust returns only once withdrawals and reserves check out.
Should exchanges hold their profits in crypto for moments like this? 👇
$BNB $BTC $ETH
#CryptoNews #Binance #RichardTengSaysBinanceWillCoverAllHackedLosseswithCompanyFunds
