This Is What Binance Has Done Following $6.3B Hack

Binance co-CEO Richard Teng told customers the crypto exchange will cover all losses from a security incident estimated to have affected $6.3 billion. Investigators initially suggested an attacker entered through a DevOps engineer’s compromised laptop and a service container to submit unauthorized withdrawals, but Binance later said additional breach points were found and that no private key leak had been identified. Binance temporarily halted withdrawals, overhauled the withdrawal service, revoked authorizations for affected addresses, and invited law enforcement and on-chain intelligence firms to help trace and recover funds. Teng said about $3 billion had been frozen on-chain, customer funds were safe, and losses would be covered by the SAFU fund plus additional company funds.