Binance co-CEO Richard Teng said approximately $2.85 billion of the roughly $6.34 billion in assets affected by the October 29 attack on the exchange has been frozen or intercepted with law enforcement, issuers and blockchain intelligence firms.
In a post on X, Teng said Binance is taking full responsibility for the hack and has nearly replenished the crypto assets that were drained, adding that no user bears the loss.
Replenishment and withdrawals
Teng said the exchange set aside more than the full amount required and that 98% of impacted tokens have been replenished, with the remaining 2% being completed. Withdrawals have broadly resumed, he said.
He also said deposits into Binance now outpace withdrawals, with hourly deposits exceeding withdrawals.
Months-long campaign
Teng described the incident as a months-long campaign rather than a single mistake or breach, and said Binance is publishing a full report because the lessons go beyond the exchange.
He said the speed of coordination among law enforcement, issuers and blockchain intelligence firms in freezing or intercepting funds could not be matched in traditional finance.
The Daily Hodl previously reported that the FBI attributed the attack to TraderTraitor, North Korea's elite hacking unit, based on on- and off-chain intelligence.
