Binance Sets Aside $6.34 billion to Cover Hack Losses, CEO Confirms 'Your Assets Are Safe'
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Binance will cover every dollar lost in this week's hack with its own money, CEO Richard Teng said in a video address on Friday, adding that customer funds were never touched.
Key facts
- Binance has reserved more than $6.34 billion of company funds to cover the stolen assets, $5 billion of which is already held in the exact tokens taken, including USDC, USDT, BTC, ETH and BNB, he said
- ET on Friday, a Tron wallet that Arkham attributes to the hacker sent about 5.19 million TRX, worth roughly $1.73 million, to 12 addresses, according to Arkham data
- Binance co-founder Changpeng "CZ" Zhao said that while the $6.3 billion theft is the largest in dollar terms, it is not the largest in Bitcoin terms, pointing to Mt
- The attacker used EIP-7702, an Ethereum feature that lets standard wallets run smart contract code, to obtain onchain execution approval over a hot wallet, according to Teng
Summary
Binance CEO Richard Teng said the exchange will cover all hacked losses, having reserved over $6.34 billion of company funds, $5 billion in the affected tokens. Teng said the attacker used a self-destruct mechanism to wipe tooling and traces, and an EIP-7702 delegation that bypassed Binance's normal approval controls. Binance aims to restore withdrawals by Sunday and publish a full proof of reserves by Monday, as the attacker keeps moving funds on Tron. "The team are committed to covering all hacked losses through their company funds.