Binance co-CEO Richard Teng spoke publicly Tuesday after a cyberattack led to more than $6 billion in stolen cryptocurrency. He said the company would cover the losses in full and that customers’ balances were not affected.
Teng apologized for the disruption and described the attack as a sophisticated campaign that had unfolded over several months. The FBI has attributed it to North Korea, he said. The attackers allegedly used fake job interviews, malicious software disguised as developer tools, and AI techniques to gain access before moving quickly through the system.
Binance has closed the known entry points and rebuilt the affected system, Teng said. The company also released a detailed report on the incident, with the aim of helping others in the industry learn from it.
Teng said Binance had set aside more than the amount needed to cover the losses. So far, 98% of affected assets have been replenished. The remaining 2% involves less-liquid tokens that the company is still acquiring, he said, adding that it is taking care to avoid disrupting the market.
The FBI said Saturday that North Korean hackers stole more than $6 billion in cryptocurrency from Binance the previous week. The agency and its partners at the U.S. Secret Service and IRS Criminal Investigation observed the attackers converting much of the stolen cryptocurrency into Ether. Authorities expect the assets may be moved further through decentralized finance platforms and instant crypto exchanges.
Binance holds about $171 billion in reserves, according to public records, and used internal emergency resources to absorb the loss. Teng said withdrawals rose sharply during the first 24 hours after the platform reopened, but flows have since returned to typical levels.
He said Binance’s user protection reserves, including its SAFU fund and futures insurance funds, had been built up over time to help the company manage extreme events. Teng added that the exchange remains operational and is continuing to protect customer accounts.
