Binance Says It Remains Financially Strong After $6.3 Billion Hack

Binance Assures Users of Financial Stability

Binance co-CEO Richard Teng has said the cryptocurrency exchange remains in very strong financial health following a cyber heist involving approximately $6.3 billion in digital assets.

Speaking at Hong Kong Fintech Week on November 3, Teng said customer deposits and withdrawals had largely returned to normal after an initial surge in withdrawals following the incident.

95% of Affected Assets Replenished

Teng said Binance had replenished around 95% of the affected tokens. The remaining 5% consists mainly of less liquid assets that the company is working to acquire through over-the-counter providers.

Binance has said it will cover the losses through its Secure Asset Fund for Users (SAFU) and company reserves. The exchange previously announced that it had set aside more than $6.34 billion for this purpose.

Customer Withdrawals and Investigation

Binance reported net customer withdrawals of $4.72 billion by Monday, representing approximately 3% of the platform's assets. The company said withdrawal activity had since largely stabilised.

The exchange is continuing its investigation and has promised to publish a detailed report explaining how the security breach occurred. The FBI has attributed the theft to North Korea, while Pyongyang has rejected the allegation.

Teng described the incident as a serious lesson for the company and said Binance would continue strengthening its security systems.