Richard Teng, the co-CEO of global cryptocurrency platform Binance, said on October 30 that preliminary findings suggested a compromised DevOps engineer’s laptop may have let an attacker access a service container and submit unauthorized withdrawal transactions.

He said the attack was complex and had not been attributed to any individual.

Binance said it would cover all losses using its Secure Asset Fund for Users (SAFU) and company funds. Teng estimated the impact at about US$6.3 billion, with about US$3 billion frozen on-chain.

Binance described SAFU as a fund for extreme cases, including security breaches. An early-October 2026 third-party report said the fund held US$1.27 billion in bitcoin.

Teng said investigators had found no evidence of a wallet private key leak. Binance temporarily suspended withdrawals while it upgraded its withdrawal service and related addresses.

Deposits continued to operate normally. The company also engaged law enforcement and blockchain intelligence partners.

Binance received a Bahrain crypto-asset license in 2022. Major stablecoin issuers froze assets after Binance disclosed the security incident.

🔗 Source: Richard Teng

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