--- title: "Binance co-CEO Richard Teng says fund and company money will cover hack losses" description: "Binance paused all deposits and withdrawals after the theft, and about half of the stolen funds are now frozen." url: https://insurance.skoop.news/gone-in-20-minutes-how-the-biggest-heist-in-crypto-history-u-910be6/ published: 2026-11-05T07:35:41.064381-05:00 modified: 2026-11-05T07:35:41.064389-05:00 section: "Insurance" publisher: "skoop.news" language: en keywords: ["Binance", "Trace Finance CEO Bernardo Brites", "World Liberty Financial", "North Korean", "Patrick Tan", "Richard Teng", "SAFU", "ChainArgos", "Circle"] hashtags: ["#TraceFinanceCEOBernardoBrites", "#WorldLibertyFinancial", "#NorthKorean", "#insurance", "#insurancenews"] image: https://thumb.wikimedia.org/wikipedia/commons/thumb/c/ce/North_Korean_People%27s_People%27s_Committee_flag_North_Korean_flag.png/1280px-North_Korean_People%27s_People%27s_Committee_flag_North_Korean_flag.png?utm_source=commons.wikimedia.org&utm_campaign=imageinfo&utm_content=thumbnail --- # Binance co-CEO Richard Teng says fund and company money will cover hack losses > Binance paused all deposits and withdrawals after the theft, and about half of the stolen funds are now frozen. Published 2026-11-05 · Updated 2026-11-05 · Insurance, [skoop.news](https://skoop.news/) ## In brief - Binance's co-CEO Richard Teng said losses from the theft would be covered by the secure asset fund and company resources. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) - Early findings point to a hacked laptop belonging to a DevOps engineer. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) - Crypto firms and Binance say they have so far been able to freeze around half of the stolen funds. [[3]](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) ## The cover promise Binance's co-CEO Richard Teng said losses from the theft would be covered by the secure asset fund and company resources. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) Binance says SAFU, plus company funds, will cover all losses. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) Binance suspended all deposits and withdrawals almost immediately after the theft. [[3]](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) Withdrawals remain paused until a security scan ends. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) ## How the attack worked Early findings point to a hacked laptop belonging to a DevOps engineer. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) That allowed the attacker to reach an internal service and send unauthorized withdrawals. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) Binance said it found no evidence of any wallet private key leak. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) TRM's analysis found the stolen funds were drained from Binance wallets across at least ten blockchains. [[3]](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) They were sent to multiple addresses controlled by a single attacker. [[3]](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) ## What has been frozen Crypto firms and Binance say they have so far been able to freeze around half of the stolen funds. [[3]](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) About half of the stolen assets were stablecoins that issuers including Tether, Circle, Ripple and World Liberty Financial have since frozen. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) Bitcoin and ether are a different case. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) No centralized entity issues them, so no one can freeze those assets, according to ChainArgos general counsel Patrick Tan. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) ## The race to launder Trace Finance CEO Bernardo Brites said the proceeds of such hacks can typically only be laundered in the first few hours. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) Chainalysis observed laundering patterns it had not seen before. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) They include thousands of transactions suggesting automation is used to obscure the trail of funds. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) Several US blockchain analysis firms said the attack bears similarities to previous operations attributed to North Korean hackers. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) ## What it means for you If you use Binance, deposits and withdrawals were suspended almost immediately after the theft. [[3]](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) Withdrawals remain paused until a security scan ends. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) Binance says SAFU plus company funds will cover all losses, and Teng said the same. [[2]](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) Cryptocurrencies fell on Friday and the total market value of stablecoins declined, suggesting investors were pulling money from digital assets. [[1]](https://www.carriermanagement.com/news/2026/10/30/293090.htm) ## Sources 1. [Gone in 20 Minutes: How the Biggest Heist in Crypto History Unfolded - Carrier Management](https://www.carriermanagement.com/news/2026/10/30/293090.htm) — Carrier Management 2. [North Korea Just Pulled Off the Biggest Crypto Heist in History, Draining $6.4 Billion From Binance in 20 Minutes](https://247wallst.com/investing/2026/10/30/north-korea-just-pulled-off-the-biggest-crypto-heist-in-history-draining-6-4-billion-from-binance-in-20-minutes/) — 24/7 Wall St. 3. [The $6.3 Billion Binance Hack Was Pulled Off in Just 20 Minutes](https://www.wired.com/story/the-dollar63-billion-binance-hack-was-pulled-off-in-just-20-minutes/) — Wired Image: Photo: 강안악이국 / Wikimedia Commons, CC0 (https://commons.wikimedia.org/wiki/File:North_Korean_People%27s_People%27s_Committee_flag_North_Korean_flag.png) --- Written from the sources above and checked twice (rules and an independent model) before publishing. How we work: https://skoop.news/how-we-work/ · Corrections: https://skoop.news/corrections/