Binance is working to project operational stability after suffering an unprecedented US$6.3 billion cyber incident last week. Richard Teng confirmed that the platform has already replenished 95 percent of the stolen assets and plans to issue a full post-mortem report soon. Despite assurances that platform liquidity flows have largely normalized, customer unease triggered significant fund movements, resulting in US$4.72 billion in net withdrawals by Monday.
Key points
The unprecedented cyber theft ranks potentially as the largest single financial heist rec…: The unprecedented cyber theft ranks potentially as the largest single financial heist recorded in history.
Operational metrics show hourly transaction inflows and outflows are steadily returning t…: Operational metrics show hourly transaction inflows and outflows are steadily returning to normal thresholds.
North Korea has officially dismissed the American investigative findings as being nothing…: North Korea has officially dismissed the American investigative findings as being nothing more than absurd rhetoric.
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Binance co-CEO Richard Teng said the company's hourly inflows and outflow had "pretty much normalised".
HONG KONG: Binance co-CEO Richard Teng said on Tuesday (Nov 3) the company is in very strong financial health and a "post mortem" of its US$6.3 billion cyber heist will be released in due course.
Teng told a Hong Kong Fintech Week event Binance's hourly inflows and outflows had "pretty much normalised" and 95 per cent of the affected tokens had been replenished.
Binance said earlier that customers had withdrawn a net US$4.72 billion as of Monday after the exchange was hit last week with what could be the largest-ever financial heist.
The FBI said at the weekend that North Korea was responsible for the theft of more than US$6 billion in crypto assets, a crime that sent shockwaves through the industry. North Korea rejected the allegations and said they were "absurd rhetoric".
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