Binance Co-CEO Richard Teng Says $2.85B Tied to Hack Was Frozen or Intercepted

Binance co-CEO Richard Teng said Wednesday that about $2.85 billion in cryptocurrency linked to the Oct. 29 attack on the exchange has been frozen or intercepted through coordination involving law enforcement, token issuers and blockchain intelligence firms.

Teng separately said Binance had replenished 98% of the affected tokens and was working on the remaining 2%. The exchange set aside more than it needed to cover users’ losses, he said, adding that customers would not bear them.

Withdrawals had broadly resumed, Teng said, while hourly deposits were exceeding withdrawals. He described the attack as a months-long campaign and characterized it as one of the digital-asset industry’s most sophisticated attacks.

Teng said Binance was publishing a full account of the incident, with lessons he said could apply beyond the exchange. He also described the coordination behind the frozen or intercepted funds as faster than traditional finance could match.