Binance Co-CEO: Binance's Own Hot Wallet Was Compromised, Customer Funds Were Unaffected Binance Co-CEO Richard Teng @_RichardTeng addressed users on October 30 following a roughly $6.3 billion hack, stating that Binance's own hot wallet was compromised while customer funds remained unaffected. He explained that most user assets are stored in cold wallets and only moved to hot wallets for withdrawals. Teng said Binance would cover all losses using company funds, with over $6.34 billion reserved, including $5 billion already held in affected assets such as USDC, USDT, BTC, ETH, and BNB. Binance is purchasing the remaining tokens through open-market and OTC transactions. To address concerns about asset safety, Teng said Binance plans to release an initial Proof of Reserves for public verification on Monday.