Ethereum · Bitcoin · Crypto Briefing
Binance’s Richard Teng confirms exchange is financially sound after $6.3 billion heist
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The co-CEO says 95% of affected tokens have been replenished and that hourly flows have largely normalized following the October 29 breach.
Key facts
- The co-CEO says 95% of affected tokens have been replenished and that hourly flows have largely normalized following the October 29 breach
- Approximately $3 billion in stablecoins was frozen through cooperation with issuers and law enforcement agencies
- The $4.72 billion in net outflows tells a more cautious story
- The roughly $3 billion in frozen stablecoins also highlights how much recovery now depends on issuers and law enforcement working together
Summary
Binance co-CEO Richard Teng has a message for anyone wondering whether the world’s largest crypto exchange is still standing: it is. Teng also said hourly inflows and outflows at the exchange had “pretty much normalised.” He indicated that more information about the breach will be released in due course. The attack hit on October 29, 2026. Hot wallets are the internet-connected accounts exchanges use to process daily withdrawals.