Richard Teng is a current executive in the tech/crypto sector, profiled amid Binance’s $6.3B hack fallout as the industry grapples with breach risk and asset replenishment.
Binance reports it has replenished 90% of stolen assets from the broad crypto hack and is coordinating with law enforcement and partners. The company says customer funds are safe and that the remaining 10% will be covered from other funds as investigations continue. Withdrawals are expected to resume soon, with ongoing efforts to trace, freeze, and recover assets.
Binance has reported a $6.3 billion breach and has frozen roughly $3 billion of the stolen assets. The company has said it will cover losses and is working with law enforcement and blockchain firms. Multiple analytics firms have linked the attack to a North Korean hacking unit called TraderTraitor.