Binance Sets Aside $6.34B to Cover Hack Losses, CEO Says 'Your Assets Are Safe'
Binance CEO Richard Teng said the exchange will cover all losses from this week’s $6.34 billion hot-wallet hack with company funds; customer assets were unaffected. Binance has secured $5 billion in the stolen tokens and is buying the remainder. The attack exploited Ethereum’s EIP-7702 feature to bypass normal approval controls, and investigators say the attacker used multiple breach points and destroyed evidence. Binance paused withdrawals while rebuilding and testing security, aiming to resume by Sunday and publish proof-of-reserves information by Monday. The attacker continued moving funds. Aave, where the attacker reportedly borrowed ETH, unfroze its markets after a precautionary pause and said its contracts and user positions were unaffected.
