Richard Teng Tells Fox Business No Binance Customers Lost Money, With 98% of Affected Assets Replenished After North Korea-Linked Attack

Binance co-CEO Richard Teng told Fox Business that no Binance customers lost money in last week’s security incident, and that the exchange is bearing the full loss itself. In his first interview since the attack, Teng said Binance has set aside more than 100% of the amount needed and has already replenished 98% of the affected assets.Customers Fully ProtectedAsked whether any customers lost money, Teng said: “No, not at all.” Binance has made clear from day one that the company bears full responsibility, he said, and “the full financial impact will be borne by us.” Customers can check their balances through Binance’s Proof of Reserves.The remaining 2% of affected assets are less liquid tokens, Teng said, and Binance needs time to buy them without disrupting the market. “Customers’ assets are fully secured on that front, and that’s our assurance,” he said. “Our priority is always to protect customers’ assets and interests.”A Months-Long AttackTeng opened with an apology. “This should not have happened, and we apologise to our users for the disruption,” he said. He described the attack as a highly sophisticated, multi-month campaign, which the FBI has attributed to North Korea. The attackers used fake recruitment interviews, malicious software disguised as developer tools and AI techniques to work their way in. They then struck “at a speed our industry has never seen before,” he said.“This isn’t a one mistake or one quick issue,” Teng said. “The attackers spent months building their way in.”Systems RebuiltTeng said Binance has closed all the entry points used in the attack, rebuilt the affected systems and published a detailed report so the industry can learn from it. The exchange is continuing to invest heavily in security and tighten its controls. “There are certain things that we learned from this episode, and we will continue to learn,” he said.