Program and guest
Fox Business interviews Binance co-CEO Richard Teng about the theft of over 60 hundred million US dollars. Original English title: Binance co-CEO breaks silence on HISTORIC $6 BILLION crypto hack. Subtitles cover 0:00–4:35; this article summarizes the full interview.
Key points
- This was a multi-stage cyberattack involving a previously unseen combination of tactics, including fake recruitment and software. The incident should never have happened. 0:53
- The platform assumes responsibility first and foremost. User funds were unaffected, 98% of the stolen assets have been replenished, and customers can verify the reserves. 2:02
- The remaining approximately 2% is related to market operations. The platform is continuing to replenish it, with users’ assets and interests as its priority. 2:31
- The platform uses dedicated user reserves and an insurance fund built up over the years to withstand extreme events of this kind. Trading volume rebounded after withdrawals reopened and gradually returned to normal. 2:54
- Discussing US crypto policy, Teng said voter support for crypto comes from both parties. He expects token-related issues to continue to enjoy bipartisan consensus and the infrastructure and crypto adoption agenda to continue. 4:04
Background and notes
Fox Business interviews Binance co-CEO Richard Teng about the attack methods, compensation and resumption of withdrawals following the theft of over 60 hundred million US dollars, as well as the direction of US crypto policy. Subtitles cover 0:00–4:35; this article summarizes the full interview. The views and timestamps are paraphrased from the original subtitles, and each timestamp marks the start of the corresponding segment of speech.