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Binance CEO Richard Teng stated that the company has reserved $6.34 billion to cover potential losses from hacker attacks, ensuring the safety of customer assets.
Binance CEO Teng Rongfa stated in a video address that Binance has reserved over $6.34 billion in company funds to cover losses from this week's hack, emphasizing that customer funds were never affected. Teng Rongfa said the attackers bypassed Binance's normal approval controls by exploiting self-destruct mechanisms and EIP-7702 delegation. Binance hopes to restore withdrawals by the Sunday deadline and plans to release a full proof-of-reserves report on Monday.
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24H Trending
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1
Samsung Electronics fell 4.31% from its previous close, now trading at ₩222,000.
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Tether, Circle, Ripple, and other stablecoin issuers have frozen over $2.6 billion in assets linked to suspected security breaches at Binance.
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The Nikkei 225 index is down 2.72% from its previous close, currently at 62,903.43.
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Binance hacker finishes dumping UNI, ENA, PEPE, LINK, AAVE, ONDO, WLD for 70,480 ETH ($158.25M)
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ETH inter-exchange spread reaches 1.11%
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Lookonchain: Binance hackers are selling PEPE, UNI, LINK, and other tokens, still holding over $150 million worth of various altcoins.
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SK Hynix is down 5.9% from its previous close, now trading at ₩1,436,000.
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Taiwan's TAIEX fell 2.68% from its previous close, currently at 45,125.33.
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South Korea's KOSPI index is down 4.77% from its previous close, currently at 5,654.61.
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CNBC analysis suggests that Intel's stock may continue to fall after its significant decline, but selling now would not recover losses.
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