Richard Teng

Welcome back.

We are joined now by Binance co-CEO Richard Teng on that crypto heist impacting more than $6 billion.

Last hour we had some technical issues with his audio, but we are certainly glad to have you back.

It is a, a huge story, Richard, so thank you for taking the time.

We appreciate it.

Thank you so much for having me.

Richard Teng, CEO, co-CEO of Binance.

When we come back, can AMD rely on its data center sales to overcome a potential PC slowdown and avoid a reaction like Intel's? We'll see what options are saying today after the break.

The exchange says it's completed a fresh zero-knowledge proof of reserves, letting users verify their balances are backed one-to-one across 10 assets from Bitcoin and Ether to USDT and XRP.

Co-CEO Richard Teng says Binance has already replenished 95% of the affected funds with its own money, with the rest in less liquid tokens still being sourced from the market.

Another snapshot is due Wednesday, and withdrawals for more networks should start coming back online.

later today net outflows have cooled to 3.3 billion down more than half from their peak then some rare good news on the security front the liquid federation says bitcoin backing for lbtc is fully restored one to one again nearly two months after 320 million dollar exploit drained around 4000 btc the attacker returned most of that the next day but held back 600 bitcoin and demanded a 10% bounty.

Binance first traced the unauthorized withdrawals to an engineer's compromised laptop, then reported additional points of breach.

Co-Chief Executive Richard Teng said multiple attackers used sophisticated methods, including a self-destruct mechanism to hide their tracks.

Why does Binance remain attractive despite last week's risks? It's enormous in liquidity, huge user base, substantial disclosed reserves and broad trading range make it a major player.

Yet users rely on Binance to safeguard their crypto while differing national rules and regulatory changes make operations less predictable.

That is more than four times the $1.5 billion taken from the exchange Bybit in February 2025.

Binance co-CEO Richard Teng called it a complex attack involving a compromised laptop and malicious software designed to delete evidence of its activities.

Binance's preliminary investigation suggests the breach began with a compromised laptop belonging to an engineer.

The attacker then accessed an internal service and submitted withdrawals without authorization.

The story grew the next day.

Co-CEO Richard Teng said investigators had found additional intrusion points, that the attacker used a self-destruct mechanism Taurus tools and traces, and that Binance is now reviewing endpoints, cloud systems, key management and signing processes across the whole company.

It still hasn't said how the laptop was compromised.

Greater than, it involved a more complex attack process.

Greater than greater than Binance co-CEO Richard Teng, in a post on X reported by Forbes if that sounds familiar, it should.

The Bybit theft also started on a developer's machine.

Attackers got into SafeWallet's environment and replaced a JavaScript file so that Bybit's signers approved a transaction they couldn't see clearly.