He Yi Clarifies: Binance's Own Assets Can Cover Most of the Stolen Tokens, Only a Small Amount Needs to Be Purchased On and Off Exchange

October 30 - Binance CEO Yi He stated that the hack involved approximately $6.3 billion in assets, and with the assistance of industry partners, about $3 billion in assets have been frozen. She thanked all parties in the industry for their help and stated that Binance will match the stolen assets with the company's own funds to ensure full matching with user assets.

Regarding withdrawal arrangements, Yi He stated that withdrawals have been suspended for nearly a day and are expected to resume within the next 42 hours. The suspension is to protect remaining assets, and the team is restructuring the security environment and wallet settings, conducting security audits, and will only reopen withdrawals after confirming the environment is secure and will not affect user assets.

Yi He clarified that Binance's daily revenue and held assets are mostly in crypto assets, which can match most of the stolen asset types, with only a small amount needing to be purchased through on-exchange or off-exchange channels. Therefore, it is not necessary to inject all of the over $6 billion into the market to rebuy coins. Regarding reserve verification, Binance will update its Proof of Reserves (PoR) in the coming days for users to verify their own assets.

On the investigation side, Yi He stated that based on the current review by the security and technical teams, this incident is a complex, compound attack, and subsequent operations will be more cautious. Binance will publicly release a detailed technical security audit report in the future and invite industry participants to jointly build a secure environment and standards.

She also stated that Binance will not give up tracking the attackers, will cooperate with global law enforcement agencies to continuously pursue the attack team and stolen funds, and will take further actions in security investment and combating hackers.