Binance Maintains Financial Stability After $6.3 Billion Hack

Binance declared it maintains robust financial health after suffering a hack that resulted in the theft of $6.3 billion. Co-CEO Richard Teng stated that the company used its own capital to replace most of the funds taken during the October 29 breach.

Preliminary investigations suggest the unauthorized access began through a compromised computer belonging to one of the company's engineers. The FBI linked the crime to the TraderTraitor group, which has ties to the North Korean government. The North Korean regime denied any involvement in the incident.

The exchange reported that 95% of the tokens have been recovered and that withdrawal operations for Bitcoin and Ether have returned to normal. The remaining assets have lower liquidity and will require more time for full replacement. The company utilized emergency reserves and futures funds to cover the losses.

The executive described the incident as a difficult lesson for the organization. Binance promised to present a detailed analysis of the security failures at an appropriate time. The company reinforced that user balances are protected and that its own capital was sufficient to absorb the financial impact.