TECHINASIA · 2026-10-30 10:47 UTC

Binance to cover $6.3b hack losses: co-CEO Teng

Binance co-CEO Richard Teng said a compromised DevOps engineer's laptop enabled an attacker to access a service container and submit unauthorized withdrawals, resulting in approximately $6.3 billion in losses with $3 billion frozen on-chain. Binance will cover all losses using its Secure Asset Fund for Users (SAFU) and company funds; the SAFU held $1.27 billion in bitcoin as of early October 2026. Investigators found no evidence of private key leaks; Binance suspended withdrawals temporarily while upgrading its withdrawal service and engaged law enforcement and blockchain intelligence…

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