Binance’s Richard Teng says exchange is financially sound after $6.3 billion heist

The co-CEO says 95% of affected tokens have been replenished and that hourly flows have largely normalized following the October 29 breach Binance co-CEO Richard Teng has a message for anyone wondering whether the world’s largest crypto exchange is still standing: it is. Speaking at Hong Kong Fintech Week on November 3, Teng said the exchange had replenished 95% of the tokens affected by a $6.3 billion cyber heist. 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. How the breach unfolded The attack hit on October 29, 2026. Attackers drained approximately $6.3 billion from Binance’s hot wallets in about 30 minutes. Hot wallets are the internet-connected accounts exchanges use to process daily withdrawals. They are convenient, and that convenience makes them a target. The unauthorized withdrawals spread across numerous blockchains, chiefly Ethereum and Bitcoin. Binance paused withdrawals soon after the breach. They resumed on November 1, and the exchange recorded net outflows of $4.72 billion by that date. Who paid the bill Teng said the losses were covered by th...