Highlight Clip: Binance Co-CEO: Binance's Own Hot Wallet Compromised, Client Funds Not Affected Binance Co-CEO: Binance's Own Hot Wallet Compromised, Client Funds Unaffected Binance Co-CEO Richard Teng addressed users on October 30 after a roughly $6.3 billion hack, stating that Binance's own hot wallet was compromised while client funds were not affected. He explained that most user assets are stored in cold wallets and are only transferred to hot wallets for withdrawals. Teng said that Binance will cover all losses with the company's funds, keeping over $6.34 billion, including $5 billion already held in affected assets such as USDC, USDT, BTC, ETH and BNB. Binance purchases the remaining tokens through open market and OTC transactions. To address concerns about asset safety, Teng said Binance plans to release an initial proof of reserves for public verification on Monday. - Link.

Highlight Clip: Binance Co-CEO: Binance's Own Hot Wallet Compromised, Client Funds Not Affected Binance Co-CEO: Binance's Own Hot Wallet Compromised, Client Funds Unaffected Binance Co-CEO Richard Teng addressed users on October 30 after a roughly $6.3 billion hack, stating that Binance's own hot wallet was compromised while client funds were not affected. He explained that most user assets are stored in cold wallets and are only transferred to hot wallets for withdrawals. Teng said that Binance will cover all losses with the company's funds, keeping over $6.34 billion, including $5 billion already held in affected assets such as USDC, USDT, BTC, ETH and BNB. Binance purchases the remaining tokens through open market and OTC transactions. To address concerns about asset safety, Teng said Binance plans to release an initial proof of reserves for public verification on Monday. - Link.