📢 Flash
He Yi clarifies: Binance’s own assets can cover the majority of stolen tokens, with only a small portion needing to be purchased on- and off-chain.
On October 30, Binance CEO YI He issued a statement regarding the recent security incident: the hack impacted approximately $6.3 billion in assets; with collaborative support from multiple industry partners, roughly $3 billion has already been successfully frozen. She extended sincere gratitude to all institutions and individuals who assisted, and emphasized that Binance will fully cover all stolen assets using its own corporate funds—ensuring 100% user asset protection.
Regarding withdrawal functionality, YI He noted that the suspension has lasted nearly 24 hours and is expected to be fully restored within the next 42 hours. This measure was taken to maximize the security of remaining assets. Currently, the technical team is simultaneously advancing three critical initiatives: rebuilding the overall security architecture, resetting wallet system configurations, and conducting an in-depth security audit. Withdrawals will only resume once the environment is confirmed absolutely secure and users’ assets are verified to face zero residual risk.
On the fund replenishment mechanism, YI He clarified that the majority of Binance’s day-to-day operating revenue and internal reserves consist of crypto assets—whose composition closely mirrors that of the stolen assets. Only a minimal portion requires procurement via on-chain or off-chain markets to achieve full alignment. Therefore, there is no need to purchase over $6 billion worth of tokens on the open market.
Regarding reserve transparency, Binance plans to release an updated Proof-of-Reserves (PoR) report within the coming days, enabling users to independently verify the authenticity of their account balances.
On the nature of the incident, YI He stated that preliminary assessments by Binance’s security and technical teams indicate this was a highly sophisticated, multi-vector intrusion. All subsequent actions will adhere to heightened standards of prudence. Binance commits to publishing a comprehensive, technical security audit report—and proactively inviting the entire industry to jointly strengthen the security ecosystem and co-develop industry-wide standards.
Additionally, she affirmed that Binance will continue tracking the attackers’ activities, has activated coordination mechanisms with law enforcement agencies worldwide, and is actively pursuing the identities of the threat actors and the flow of stolen funds. Simultaneously, Binance will significantly increase investment in security R&D and anti-hacking capabilities—implementing more decisive and systematic countermeasures.
Regarding withdrawal functionality, YI He noted that the suspension has lasted nearly 24 hours and is expected to be fully restored within the next 42 hours. This measure was taken to maximize the security of remaining assets. Currently, the technical team is simultaneously advancing three critical initiatives: rebuilding the overall security architecture, resetting wallet system configurations, and conducting an in-depth security audit. Withdrawals will only resume once the environment is confirmed absolutely secure and users’ assets are verified to face zero residual risk.
On the fund replenishment mechanism, YI He clarified that the majority of Binance’s day-to-day operating revenue and internal reserves consist of crypto assets—whose composition closely mirrors that of the stolen assets. Only a minimal portion requires procurement via on-chain or off-chain markets to achieve full alignment. Therefore, there is no need to purchase over $6 billion worth of tokens on the open market.
Regarding reserve transparency, Binance plans to release an updated Proof-of-Reserves (PoR) report within the coming days, enabling users to independently verify the authenticity of their account balances.
On the nature of the incident, YI He stated that preliminary assessments by Binance’s security and technical teams indicate this was a highly sophisticated, multi-vector intrusion. All subsequent actions will adhere to heightened standards of prudence. Binance commits to publishing a comprehensive, technical security audit report—and proactively inviting the entire industry to jointly strengthen the security ecosystem and co-develop industry-wide standards.
Additionally, she affirmed that Binance will continue tracking the attackers’ activities, has activated coordination mechanisms with law enforcement agencies worldwide, and is actively pursuing the identities of the threat actors and the flow of stolen funds. Simultaneously, Binance will significantly increase investment in security R&D and anti-hacking capabilities—implementing more decisive and systematic countermeasures.
